November 5, 2019 / 4:04 PM / 7 days ago

New Zealand house prices rise 2.8% in Oct vs year earlier - QV

WELLINGTON, Nov 6 (Reuters) - New Zealand house prices rose 2.8% in October compared with the same month a year earlier, hitting an average value of NZ$697,204 ($446,350.00), government valuer Quotable Value (QV) said on Wednesday.

* Pace increased from 2.4% annual growth in September.

* Average value in Auckland region was down 1.5% from 12 months ago.

* Value growth in last 3 months attributed to the recent reduction in interest rates by major banks. ($1 = 1.5620 New Zealand dollars) (Reporting by Praveen Menon Editing by Kenneth Maxwell)

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