A shortage of new homes in Auckland keeps pushing up house values says QV

The average national house value has increased 10.1% over the last year, according to Quotable Value.

QV says the average value of New Zealand’s residential dwellings was $527,760 at the end of July which was up 4.1% compared to three months earlier.

In Auckland the average dwelling value increased by 5.7% to $855,672 in the three months to July, putting it 18.8% ahead of where it was 12 months ago.

QV said housing values in Auckland were continuing on a sharp upward trajectory in all areas and that average dwelling values on both the North Shore and Central Auckland (within the boundaries of the former Auckland City Council) were now above $1 million.

In Auckland Central the average value was $1,014,873 at the end of July which was up 20.1% compared to July last year, while on the North Shore the average value was $1,007,836, up 17.6% compared to a year earlier.

In Waitakere the average value of a home was $687,021, up 21.6% for the year, and in Manukau it was $715,919, up 19.6% for the year.

“There’s still not enough existing stock or new homes being built to accommodate the demand for housing in Auckland,” QV northern operations manager Jan O’Donoghue said.

“Investors and speculators continue to be very active across the super city, particularly in suburbs that offer the most affordable housing such as Mt Roskill, Massey, Te Atatu, New Lynn and Papakura.

“High numbers of apartments have also been selling off the plan in central Auckland as demand for more affordable homes reaches a crescendo.”

However outside of Auckland, property values continue to rise at a much slower rate.

In Wellington City the average dwelling value was $546,481 which was only up 2% compared to a year earlier and in Christchurch the average value was $475,322, up 3.1% compared to year earlier.

However values in the Waikato and Bay of Plenty are also posting strong gains with average dwelling values in Hamilton up 7.4% for the year and Tauranga values up 7.7% for the year.

See the table below for QV’s average values for homes throughout the country:

QV House Price Index – Three months to July 2015

Territorial Authority Average current value $ 12 month change% 3 month change % Since 2007 market peak change %
Far North 312,903 5.4% 3.7% -21.4%
Whangarei 351,837 5.0% 2.1% -11.2%
Kaipara 366,908 8.5% 7.3% -7.5%
Auckland – Rodney 740,977 9.3% 3.9% 26.3%
Rodney – Hibiscus Coast 734,361 9.5% 3.5% 25.0%
Rodney – North 748,808 8.9% 4.4% 24.7%
Auckland – North Shore 1,007,836 17.6% 6.2% 56.2%
North Shore – Coastal 1,148,505 15.9% 6.1% 52.4%
North Shore – Onewa 823,563 21.1% 6.7% 66.0%
North Shore – North Harbour 964,036 17.1% 6.1% 58.7%
Auckland – Waitakere 687,021 21.6% 7.3% 62.0%
Auckland – City 1,014,873 20.1% 4.6% 63.0%
Auckland City – Central 873,702 16.9% 3.9% 53.4%
Auckland_City – East 1,266,529 20.1% 5.1% 58.9%
Auckland City – South 930,377 22.9% 5.3% 72.8%
Auckland City – Islands 832,061 12.1% -1.9% 30.2%
Auckland – Manukau 715,919 19.6% 6.4% 56.4%
Manukau – East 931,586 16.2% 5.2% 56.3%
Manukau – Central 554,633 21.8% 8.7% 47.5%
Manukau – North West 600,481 22.7% 6.7% 62.5%
Auckland – Papakura 527,214 22.2% 7.7% 46.5%
Auckland – Franklin 532,965 14.6% 6.5% 34.7%
Thames Coromandel 526,115 3.4% 1.2% -9.5%
Hauraki 259,898 10.7% 4.6% -6.8%
Waikato 305,152 6.6% 3.5% 0.8%
Matamata Piako 285,146 2.3% -1.0% -2.3%
Hamilton 390,113 7.4% 3.8% 7.9%
Hamilton – North East 495,243 8.5% 4.1% 10.2%
Hamilton – Central & North West 363,319 7.4% 3.3% 1.5%
Hamilton – South East 357,521 7.0% 3.8% 2.3%
Hamilton – South West 343,228 6.8% 4.2% 0.3%
Waipa 361,285 5.9% 1.2% 9.8%
Otorohanga 193,998 -3.7% -5.8% -29.7%
South Waikato 128,826 1.7% 1.8% -21.0%
Waitomo N/A N/A N/A N/A
Taupo 347,652 1.6% 0.6% -13.2%
Western BOP 434,438 5.9% 3.3% -3.6%
Tauranga 489,734 7.7% 3.0% 1.7%
Rotorua 271,414 0.3% -1.6% -7.6%
Whakatane 302,958 2.8% 2.7% -12.9%
Kawerau 101,977 -3.5% -1.0% -36.0%
Opotiki 200,829 -4.3% -4.9% -29.4%
Gisborne 226,887 -1.2% -0.5% -23.7%
Wairoa N/A N/A N/A N/A
Hastings 309,499 3.9% 1.5% -0.7%
Napier 329,825 1.9% -0.1% -3.1%
Central Hawkes Bay 207,457 -1.5% -5.0% -21.7%
New Plymouth 359,947 3.0% 0.4% 8.9%
Stratford 198,914 -2.0% -1.6% -9.0%
South Taranaki 185,813 1.5% 0.2% -6.0%
Ruapehu 128,375 -5.7% -1.3% -28.8%
Wanganui 181,330 1.9% -0.1% -19.1%
Rangitikei 142,541 -3.4% 1.7% -21.2%
Manawatu 244,085 1.3% 0.4% -4.0%
Palmerston North 292,977 2.8% 1.1% -1.8%
Tararua 152,220 3.1% -1.3% -13.7%
Horowhenua 208,027 1.0% 1.2% -12.5%
Kapiti Coast 380,564 1.6% 0.0% -0.7%
Porirua 381,991 1.5% 0.0% 0.0%
Upper Hutt 337,397 1.2% -0.5% -4.0%
Hutt 375,237 1.3% -0.3% -4.4%
Wellington 546,481 2.0% 0.2% 2.6%
Wellington – Central & South 552,253 1.0% 0.5% -1.4%
Wellington – East 600,391 5.3% 1.4% 4.2%
Wellington – North 479,051 1.5% -0.3% 2.8%
Wellington – West 627,196 2.7% 0.0% 3.3%
Masterton 238,364 1.0% -1.7% -16.6%
Carterton 269,213 1.7% 0.5% -3.4%
South Wairarapa 305,380 1.1% 0.6% -9.7%
Tasman 422,913 2.2% 1.3% 5.3%
Nelson 414,989 3.3% 0.7% 8.4%
Marlborough 352,985 2.3% 0.6% -9.5%
Kaikoura N/A N/A N/A N/A
Buller N/A N/A N/A N/A
Grey 215,313 1.2% -2.8% -11.9%
Westland 229,386 0.7% 1.4% -4.5%
Hurunui 349,889 4.3% 2.9% 11.9%
Waimakariri 419,144 3.2% 1.4% 30.9%
Christchurch 475,322 3.1% 0.5% 25.3%
Christchurch – East 359,355 4.1% 1.6% 16.1%
Christchurch – Hills 643,820 2.0% 0.0% 16.4%
Christchurch – Central & North 555,575 3.1% 0.4% 25.5%
Christchurch – Southwest 453,253 2.5% 0.0% 33.5%
Christchurch – Banks Peninsula 496,472 5.5% 1.9% 3.3%
Selwyn 516,040 2.1% -0.9% 38.4%
Ashburton 326,941 1.7% -0.5% 16.8%
Timaru 305,434 8.6% 2.5% 21.7%
MacKenzie 305,363 8.8% -2.8% 6.6%
Waimate 199,220 2.1% -4.8% 5.6%
Waitaki 227,818 2.1% 1.0% -0.2%
Central Otago 330,258 2.7% 2.3% 4.2%
Queenstown Lakes 717,021 6.0% 0.2% 4.3%
Dunedin 298,928 2.8% 2.5% 4.4%
Dunedin – Central & North 310,929 3.8% 2.8% 3.1%
Dunedin – Peninsular & Coastal 277,370 3.5% 3.8% 2.5%
Dunedin – South 284,751 1.5% 3.2% -0.3%
Dunedin – Taieri 306,900 2.4% 0.8% 4.4%
Clutha 168,595 0.2% 0.6% -6.9%
Southland 216,705 6.8% 4.9% -5.9%
Gore 184,621 2.4% 3.0% 5.0%
Invercargill 207,367 -0.1% -0.1% -6.0%
         
Auckland Area 855,672 18.8% 5.7% 56.6%
Wellington Area 458,250 1.6% 0.0% 0.6%
Main Urban Areas        628,722 12.6% 4.7% 36.9%
Total NZ        527,760 10.1% 4.1% 27.4%

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