WELLINGTON, Aug 2 (Reuters) - New Zealand house prices continued to rise sharply in July, as new migrants bought homes and investors took advantage of low interest rates, the government property valuer said on Tuesday.
Quotable Value's (QV) residential property price index rose 14.1 percent in the year to July, compared with an annual rate of 13.5 percent in the previous month.
The index is now 54.2 percent above the market's previous peak in late 2007, when adjusted for inflation.
"Values continue to rise rapidly in many parts of New Zealand, buoyed by low interest rates, strong investor activity and high net migration with the average value nationwide now topping $600,000," said QV spokeswoman Andrea Rush in a statement.
House prices in the Auckland region were up 16 percent in the year to July, while prices in nearby central North Island city Hamilton rose 31.5 percent.
