It also revised upwards its increase for the three months ended September from the previously reported 1.9% to 3.1%.
Quotable Value’s measure of house prices has now risen for six consecutive quarters, fueled by the strong domestic economy, historically low mortgage rates and strong net migration.
The figures show house prices in the key Auckland market rose 2.7% in the December quarter while Wellington’s prices were up 2.3%.
But Nelson’s house prices excelled the rest of New Zealand, rising 5% in the three months and were up a whopping 22% for 2002.
Auckland’s prices were next for the year, up 19% followed by Invercargill, up 16%, Napier, up 14% and Wellington, up 11%.
Quotable Value says the price increases were despite lower sales volumes and indicate a very strong start to the market in 2003.
