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Auckland’s average house prices rise – 41% now cost over NZ$1m

Auckland house prices charted a record high again in March this year, with those selling for more than NZ$1m (£560,000) accounting for 41% of sales in the month, says realtor Barfoot Thompson.

The average sale price rose 2.5% in March from February to $968,570 (£543,000) and was 4.8% above the average price in the previous three months, Barfoot said. The average price is about 12% higher than in March 2016.

However, Barfoot’s monthly figures come after the release of the latest QV House Price Index from government-owned Quotable Value, which showed that while national property values increased on average by 12.9% over the year to March 31 2017, the increase in the last three months was just 0.6%.

Auckland house prices fell on average by 0.2% in the first three months of this year for a 12.3% annual increase, but QV said the appearance of slowing house price inflation as a result of tougher loan-to-valuation restrictions may only be temporary in the city’s overheated property market.

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