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)