House prices in New Zealand rose at the slowest rate in two years in October, property valuer Quitable Value, or QV, said on Thursday.
The QV residential property index increased 5.9 percent year-over-year in October following the 6.4 percent growth in September.
This was the weakest rise in prices since October 2012.
“Home loan approval rates have not increased, listings are also lower than normal for spring and sales are around 12 percent below that they were this time last year,” Andrea Rush, a QV spokeswoman, said in a statement.
“Banks are now offering competitive interest rates following a halt in any further hikes being signalled by the Reserve Bank. However, the LVR restrictions mean banks are targeting well established customers rather than new lenders.”
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