New Zealand property growth stifled by quake

New Zealand property prices held their value in February on a year-on-year basis, but sales have dropped significantly as a result of the Christchurch earthquake, reports the Real Estate Institute of New Zealand.

Sales transactions dropped 4.3% last month, though median house prices remain unchanged when compared to the same figures last year. However, values did see a significant $10,000 growth on January's figures, which is somewhat understandable given the traditional Christmas/New Year slump.

 "Overall, the data is a bit of a mixed bag", said REINZ chief executive Helen O'Sullivan. "February's transaction volumes were always going to be an improvement on January, but the improvement in the raw medians in most districts is a positive sign."

Source: Property Community