Property sales in new zealand reach a four year high

Residential property sales in New Zealand increased to a four year high in January and prices continue to warm up in most big cities due to limited supply and higher demand from migrants and first time buyers.

However, prices and sales are more subdued in provincial areas and remain well below their 2002 to 2007 boom levels, the latest data from government owned property valuer Quotable Value (QV) shows.

Its monthly survey of property values nationwide shows values are have risen 1.1% in the last three months and are up 2.7% from a year ago. The QV index, however, remains 3.3% below its late 2007 peak and prices are falling again in provincial areas.

Source: PropertyWire.com