New Zealand property values rose at an 8.4 per cent annual pace ahead of the introduction of low-equity home lending restrictions, with the increases driven by a shortage of houses in Auckland and Christchurch, according to state valuer Quotable Value.

Auckland property values rose at a 13.6 per cent annual pace in September while Christchurch values are 10.8 per cent above last year, the agency said. The national pace slowed from an 8.5 per cent annual growth in August. “Nationwide values continue to rise, driven primarily by Auckland and Canterbury…