Property price spiral slows

Press, 26 August 1977, Page 1

Property price spiral slows

PA ’ Wellington Central Auckland has displaced the Wellington Borough of Eastbourne in having New Zealand’s most expensive houses. The average house sold there in the six months to June 30 was $39,054, compared with Eastbourne’s $37,371. Next on the list were Tawa (Wellington) at $36,547; North Shore (Auckland), $36,153; Tauranga, $33,300; Wellington, $33,096; and Taupo, $32,589. Christchurch house prices increased from an average $26,063 in the half-year to December 31 to $26,569 in the half-year ended June 30, but section prices fell from an average $12,421 to $12,057. These figures, released yesterday by the ValuerGeneral (Mr M. R. Mander), show that house prices increased by 3.78 per cent $32,322 in the Auckland region and by 1.8 per cent to $31,671 in the Wellington region. In New Zealand as a

whole, house prices increased by 4.78 per cent in the half-year, compared with 3.08 per cent in the second half of last year. The increase for the year ended June 30 is 6.97 per cent, compared with 6.13 per cent in the previous June year. This is much lower than the calendar years between 1971 and 1974, when the increases were 11, 17, 34, and 30 per cent respectively. The number of houses sold in New Zealand’s 38 urban areas was slightly down from 14,711 in the last half of last year to 13.667. Central Auckland again led the list of average section prices, with $22,176. Then came Eastbourne ($15,900), Auckland’s southeast suburbs ($15,750) and Petone ($14,000). Petone’s figure was unusual however as it was based on only two sales in the period. New Zealand’s cheapest urban sections were in Greymouth ($4812). The average section -in

the Auckland region increased by 6.2 per cent in value to $12,159 during the period, while in Wellington the increase was 1 per cent to $10,399. In Timaru, average house prices rose from $23,747 to $25,661; in Ashburton, from $23,869 to $28,915; in Oamaru, from $21,269 to $22,352; and in Invercargill from $23,200 to $25,336. Average price of sections sold in Ashburton rose from $7598 in the half-year ended December 31 to $8073 in the half-year to June; in Timaru, from $7222 to $7752; and in Invercargill, from $6770 to $8987.

Average section prices in Nelson rose from $10,500 to $13,821, and house prices from $27,739 to $28,905, while in Blenheim sections fell from $9340 to $8924 and houses from $20,606 to $19,632. In Dunedin, average house prices rose from $22,271 in the half-year ended December 31 to $22,760 in the six months to June 30, while section prices rose from $6675 to $6BBl.