2018.01.1101:18:00UTC+00New Zealand House Prices Increase In 2017: QV

New Zealand residential property values increased over 2017, data from Quotable Value showed Thursday.

Property values climbed 6.6 percent percent or NZ$41,660 in 2017. The average national value increased 3.6 percent over the fourth quarter.

"A slow-down in the rate of value growth in the housing market that began in the latter part of 2016 with the introduction of LVR speed limits requiring a 40 percent deposit by investors continued throughout 2017," QV National Spokesperson, Andrea Rush, said.

In December, house prices increased at a faster pace of 6.6 percent after climbing 6.4 percent in November.

"The slight easing in LVR restrictions by the Reserve Bank due this month is likely to help improve activity and demand in housing the market as we move through the summer months," spokesperson said.