Property values in New Zealand rose further in March, with the CoreLogic Home Value Index up 0.5%, following a 0.4% rise in February, the real estate data and analytics provider reported Thursday.
This is the index's strongest growth since January 2024 and confirms that the next phase in the market's expansion has started, according to the report.
Property values are now around NZ$812,195, the highest since June 2024's NZ$818,649.
The lags in the impact of cheaper borrowing rates "have now worked their way through the system" in signs that "confidence is returning to the property market," said Kelvin Davidson, CoreLogic NZ chief property economist.
However, the market will continue to adopt a cautious outlook.
"That said, a fresh boom in house prices seems unlikely, given additional restraints that are now in place, such as caps on debt-to-income ratios for mortgage lending," Davidson said.
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