10.01.201723:25:00UTC+00New Zealand QV House Prices Climb In December

House prices in New Zealand increased in December from a year ago, figures from Quotable Value, QV, showed Wednesday.

The QV Residential Price Movement Index grew 12.5 percent year-over-year in December. The average value nationwide was NZ$627,905.

Values rose by 1.3 percent over the past three months and are now 51.5 percent above the previous market peak of late 2007, the agency said.

After adjusting for inflation, nationwide house prices rose 12.2 percent annually in December.

In Auckland, property values climbed 12.2 percent on year, but which was the slowest rate since January 2015.

"December saw a continuation of the trend of a slowing rate of value growth, activity and demand. This trend has been seen in many of the main centres since the introduction of the LVRs, which require a minimum 40 percent deposit for investment properties," QV National Spokesperson Andrea Rush said

"This coupled with the annual Christmas holiday period slow-down has led to a decrease in values in some parts of Auckland, Hamilton and Christchurch since November."