Auckland's average property values are still rising as they head towards $1 million, but rate of growth slowing says QV

Average housing values are continuing to increase around the country with the average value of homes in Auckland hitting $931,807 last month, according to Quotable Value (QV).

Around the rest of the country average dwelling values were $435,848 in Hamilton, $525,758 in Tauranga, $468,902 in the Wellington region, $480,464 in Christchurch and $306,614 in Dunedin.

The average dwelling value for the whole country was $555,729 in November, up 15% compared to 12 months earlier and up 4% in the last three months.

In Auckland the average dwelling value increased by 24.4% in the last 12 months and 6.5% in the last three months.

Within Auckland, the average dwelling value is $801,398 in Rodney, it’s $1,088,059 on the North Shore, $1,095,480 in Central Auckland, $796,950 in Manukau, $747,664 in Waitakere, $595,557 in Papakura and $575,259 in Franklin.

However QV national spokesperson Andrea Rush said the rate at which property values were increasing in Auckland was beginning to slow.

In the three months to October the average value of Auckland homes increased 7.3% but in the three months to November this slipped to 6.5%.

“Homes values in Auckland are still increasing but at a slower rate than last month and it appears new rules to curb investors, along with restrictions on the capital flow out of China, have led to an easing the market,” Rush said.

But while the rate of growth was slowing in Auckland it was picking up in other parts of the country.

“The Wellington market is showing a definite upward tick in values along with Dunedin, as investors look to new markets around the country,” Rush said.

“After a slow start to spring Christchurch is also showing more activity with values there rising in most places at a faster pace than it did over the winter months.

“Net migration continues at record highs and interest rates lower than 4% are now being offered ahead of the expectation that the Reserve Bank will lower the OCR this month, so it will be interesting to see how these factors impact on the market over Christmas,” she said.

QV House Price Index 
 November 2015
           
  Territorial authority Average current value 12 month change% 3 month change % Since 2007 market peak change %
  Auckland Region   931,807 24.4% 6.5% 70.5%
  Wellington Region 468,902 4.1% 2.5% 2.9%
# Main Urban Areas 667,220 17.6% 4.6% 45.3%
  Total NZ 555,729 15.0% 4.0% 34.1%
  Far North 328,038 7.2% 2.9% -17.6%
  Whangarei 373,559 10.7% 5.7% -5.7%
  Kaipara 357,569 6.5% -1.7% -9.9%
  Auckland – Rodney 801,398 18.7% 6.6% 36.6%
  Rodney – Hibiscus Coast 789,822 17.8% 6.4% 34.5%
  Rodney – North 814,954 19.6% 6.7% 35.7%
#A Auckland – North Shore 1,088,059 24.1% 5.6% 68.6%
  North Shore – Coastal 1,244,613 24.9% 6.0% 65.2%
  North Shore – Onewa 877,753 23.2% 3.8% 77.0%
  North Shore – North Harbour 1,048,381 23.4% 7.0% 72.5%
#A Auckland – Waitakere 747,664 28.4% 6.3% 76.3%
#A Auckland – City 1,095,480 22.8% 6.1% 76.0%
  Auckland City – Central 951,386 22.5% 6.9% 67.1%
  Auckland_City – East 1,367,684 21.9% 6.7% 71.6%
  Auckland City – South 994,392 23.9% 5.1% 84.7%
  Auckland City – Islands 900,946 20.6% 3.1% 40.9%
#A Auckland – Manukau 796,950 27.8% 8.0% 74.1%
  Manukau – East 1,019,388 24.8% 6.6% 71.0%
  Manukau – Central 622,567 31.2% 8.2% 65.6%
  Manukau – North West 676,901 29.5% 9.1% 83.2%
#A Auckland – Papakura 595,557 32.0% 8.9% 65.5%
  Auckland – Franklin 575,259 19.5% 5.3% 45.4%
  Thames Coromandel 544,861 7.7% 3.4% -6.3%
  Hauraki 262,553 12.3% -0.4% -5.9%
  Waikato 330,568 17.8% 6.7% 9.2%
  Matamata Piako 303,531 13.3% 5.8% 4.0%
# Hamilton 435,848 18.6% 8.7% 20.6%
  Hamilton – North East 554,583 19.8% 9.1% 23.4%
  Hamilton – Central & North West 406,515 20.1% 8.8% 13.6%
  Hamilton – South East 396,811 17.1% 7.8% 13.5%
  Hamilton – South West 383,684 17.6% 8.7% 12.1%
  Waipa 381,310 10.4% 5.3% 15.8%
  Otorohanga N/A N/A N/A N/A
  South Waikato 144,039 14.0% 7.1% -11.7%
  Waitomo 145,655 3.9% 0.1% -31.4%
  Taupo 356,724 6.9% 0.8% -10.9%
  Western BOP 452,944 7.3% 2.6% 0.5%
# Tauranga 525,758 15.5% 6.6% 9.2%
  Rotorua 291,963 8.6% 6.7% -0.6%
  Whakatane 307,205 4.4% 2.6% -11.7%
  Kawerau 103,741 1.4% 2.0% -34.9%
  Opotiki N/A N/A N/A N/A
  Gisborne 232,128 1.8% 1.3% -21.9%
  Wairoa 145,867 0.8% 2.9% -40.4%
  Hastings 317,612 7.1% 1.7% 1.9%
# Napier 338,960 3.9% 1.9% -0.4%
  Central Hawkes Bay 213,234 5.2% 4.3% -19.6%
  New Plymouth 373,450 5.3% 3.2% 12.9%
  Stratford 213,471 7.8% 5.7% -2.4%
  South Taranaki 188,755 1.2% 2.7% -4.5%
  Ruapehu 131,274 -2.7% 2.9% -27.2%
  Whanganui 184,696 1.5% 1.9% -17.6%
  Rangitikei 144,644 1.1% 1.9% -20.1%
  Manawatu 252,439 5.2% 3.2% -0.7%
# Palmerston North 298,847 3.6% 1.5% 0.2%
  Tararua 150,797 -0.8% 0.9% -14.5%
  Horowhenua 210,957 3.1% 1.9% -11.3%
  Kapiti Coast 388,890 2.7% 1.7% 1.5%
#W Porirua 391,273 3.2% 2.8% 2.4%
#W Upper Hutt 344,625 3.1% 2.9% -1.9%
#W Hutt 383,531 4.2% 2.8% -2.3%
#W Wellington 558,211 3.9% 2.1% 4.8%
  Wellington – Central & South 564,985 3.6% 1.9% 0.8%
  Wellington – East 608,460 3.8% 2.5% 5.6%
  Wellington – North 489,284 4.2% 1.7% 5.0%
  Wellington – West 643,393 4.4% 2.7% 5.9%
  Masterton 241,442 1.6% 3.4% -15.5%
  Carterton 260,614 -0.7% -3.9% -6.5%
  South Wairarapa 311,263 4.2% 3.3% -8.0%
  Tasman 434,123 4.6% 2.3% 8.1%
# Nelson 424,022 3.6% 2.0% 10.7%
  Marlborough 362,991 5.3% 2.8% -6.9%
  Kaikoura N/A N/A N/A N/A
  Buller 191,377 -5.3% -0.1% -6.9%
  Grey 212,192 -3.9% -4.0% -13.2%
  Westland 229,912 0.6% -1.9% -4.2%
  Hurunui 358,486 7.2% 0.7% 14.7%
  Waimakariri 417,122 1.3% -0.1% 30.3%
# Christchurch 480,464 2.9% 0.9% 26.6%
  Christchurch – East 364,385 3.9% 0.9% 17.7%
  Christchurch – Hills 649,558 4.1% 1.2% 17.4%
  Christchurch – Central & North 565,568 3.2% 1.5% 27.7%
  Christchurch – Southwest 455,177 2.1% 0.2% 34.1%
  Christchurch – Banks Peninsula 487,377 1.4% -0.7% 1.4%
  Selwyn 522,414 2.7% 1.1% 40.1%
  Ashburton 338,255 3.4% 3.4% 20.9%
  Timaru 312,663 7.4% 1.6% 24.6%
  MacKenzie 330,962 18.1% 8.7% 15.5%
  Waimate 210,944 5.5% 6.2% 11.9%
  Waitaki 230,138 3.8% 0.4% 0.8%
  Central Otago 337,421 5.8% 1.7% 6.4%
  Queenstown Lakes 756,665 9.3% 3.5% 10.0%
# Dunedin 306,614 5.1% 2.4% 7.1%
  Dunedin – Central & North 323,425 7.5% 4.0% 7.2%
  Dunedin – Peninsular & Coastal 280,648 5.9% 1.9% 3.7%
  Dunedin – South 287,399 3.3% 1.1% 0.7%
  Dunedin – Taieri 316,037 3.9% 2.0% 7.5%
  Clutha 167,203 0.5% 1.1% -7.7%
  Southland 212,662 3.1% -0.4% -7.6%
  Gore 184,396 0.9% -1.4% 4.9%
# Invercargill 214,880 5.0% 3.3% -2.6%
Notes on the above data:    
1. The information included in the above table is based on the monthly property value index. This index is calculated based on the sales data entered into CoreLogic’s system in the previous 3 month period. For example, information for the period ending June will be calculated based on sales entered between April 1 and June 30.
2. The average current value is the average (mean) value of all developed residential properties in the area based on the latest index. It is not an average or median sales price, as both of those only measure what happens to have sold in the period.
3.  The percentage change over three months, twelve months and since the 2007 market peak are based on the change in the property value index between that time and the current.
4. Any of the statistical data shown in italics are calculated based on a sample set of data that is less than the recommended minimum. These results should be used with caution. Those showing N/A had too few sales to generate an index

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