(RTTNews) - Monday, Quotable Value announced that New Zealand’s house prices rose 0.2% year-on-year in October, rebounding from the 1.1% decline in the previous month.

The government agency reported that prices were up 3.4% since April, while the national average sale price also increased to NZ$389,198 in October from NZ$387,567 September.

“The continued shortage of properties, especially in the main urban areas, is leading to a continued imbalance in the market with more buyers than available properties,” said QV Valuation Manager Glenda Whitehead. “As a result, our valuers are seeing many properties sell for well above their expected values.”

By territories, Dunedin recorded the largest annual increase in prices, up 4.3% in October, followed by the Auckland area, up 2.5%. On the other hand, house prices showed the largest decrease in Tauranga, down 1.4%.

“While it is clearly a good time to sell, especially in the main centres, needing to buy again in a market which has a shortage of available properties for sale will also be putting some people off,” Whitehead said.

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Posted in Categories: Economy, New Zealand, Releases.

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