New Zealand house prices rose at their fastest pace in eight years in August, the government property valuer said on Tuesday, as prices continue to climb in Auckland, the country's largest city. Quotable Value's (QV) residential property price index rose 11.3 percent in the year to August 31, compared with an annual rate of 10.1 percent in July.
The index is now 29.0 percent above the market's previous peak in late 2007, and QV said prices would continue to rise due to high net migration in Auckland, which is experiencing a housing shortage.
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