Big rise in price of properties
CNew Zealand Press Association)
WELLINGTON, September 27.
The Valuation Department’s house price index rose 7.6 per cent in the half-year ended at June 30, the department announced today.
This is the largest half-yearly increase in the ill years since the present index was first compiled, and is considerably more than the previous highest rise of 5.8 per cent, recorded for the first six months of 1971.
In the half-year from July to December, 1971, the increase was 5 per cent. For building sections, the price index for the first half of this year has increased 7.7 per cent. The increases in 1971 were 3.6 per cent and 6.4 per cent for the first and second halves of the year. The house and section price indexes measure changes in the average level of prices paid in the open market each half-year, and cover 38 selected urban areas. SECTIONS, TOO In all the 38 urban areas the house price index showed a rise for the first half of 1972. Section prices als.- rose in all except three of the selected areas. House prices rose 7.5 per cent for the North Island urban areas, and 7.8 per cent in the South Island. North Island section prices increased 7.1 per cent, compared with 10.1 per cent in South Island urban areas. In the previous half-year North Island houses had
shown a higher percentage rise than those in the South Island, but the section rise index had shown a similar pattern. Compared with the previ ous half-year, the number of houses sold increased 7.4 per cent, and the number of sections sold rose 7.9 per cent, in the 38 selected areas. The average prices paid for houses in the four main
urban regions were: Auckland $13,732; Wellington $15,550; Christchurch $11,953; Dunedin $9137. The average prices paid for sections were: Auckland $4381; Wellington $4250; Christchurch $4137; Dunedin $2482. Over the 38 selected urban areas the average price paid for houses was $12,715 and for sections $3783
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Bibliographic details
Press, Volume CXII, Issue 33033, 28 September 1972, Page 18
Word Count
336Big rise in price of properties Press, Volume CXII, Issue 33033, 28 September 1972, Page 18
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