NZ house price lift ranks seventh in rich nations survey

The rise in New Zealand house prices ranks seventh in this year's survey of 20 rich countries by the Economist.

The 12.4 per cent rise for New Zealand was down from the 13.7 per cent rise in the magazine's survey last year.

Denmark posted the biggest rise, 23.6 per cent (15.4 per cent up in 2005). Japan's house prices fell 3.9 per cent (5.4 per cent down last year).

Prices in Australia were up 6.4 per cent in 2006 (1.9 per cent rise in 2005) while in Britain the rise was 6.6 per cent (6.1 per cent last year).

House prices in the United States rose 10.1 per cent (14 per cent in 2005).

The rise from 1997 to 2006 in New Zealand was 94 per cent and in Australia 126 per cent.

- NZPA