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Confidence in New Zealand property high

Both buyers and sellers in the New Zealand property market are confident in the sector's current growth, according to a new report.

The latest statistics released by property information company Quotable Value (QV) show that the average price of a house in New Zealand is $329,829 (£109,574) for the second quarter of 2006.

This indicates a price growth level of 11.5 per cent over the last year, compared to the rises of 12.4 per cent and 16.8 per cent that were seen earlier in the year.

Despite this slight fall in the rate of increase in property prices, the company reports that attitudes in the New Zealand property market remain positive.

"The rate of growth is steadily reducing but there's still a lot of confidence with high employment rates and wage growth. People are still going to buy houses," Blue Hancock of QV told the New Zealand Herald.

"It’s still rolling along and there's a good balance of buyers and sellers."

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