House prices in New Zealand grew markedly in July from a year ago, driven by lower interest rates, figures from Quotable Value, QV, showed Tuesday.
The QV Residential Price Movement Index climbed 14.1 percent year-over-year in July.
Values rose by 6.1 percent over the past three months and are now 45.4 percent above the previous market peak of late 2007, the agency said.
After adjusting for inflation, nationwide house prices rose 13.7 percent annually in May and remained above the 2007 peak.
In Auckland, property prices surged 16.0 percent on year and 5.2 percent over the past three months.
"It's too soon to tell what impact the Reserve Bank's new 40.0 percent deposit requirement for anyone purchasing a property they do not intend to live in, will have on the market," QV National Spokesperson Andrea Rush, said.
"However there are reports the new rules have already led to some offers being withdrawn by investors in parts of the country."
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