QV says average home values rose 13.9% in Auckland in the year to March, but value rises flattening around rest of the country

Short headline: 
NZ average home values up 7.7% in March year

Average home values across the country increased by 2.8% in the first quarter of this year and 7.7% in the year to March, according to QV.

The average value of a New Zealand home is now $502,411.

Of the major urban areas, the biggest increase in values occurred in the Auckland region where they rose 4.6% in the first three months of this year and 13.9% in the year to March.

The average value of an Auckland home is now $796,649.

In the Wellington region the average value was up 0.6% in the first quarter of this year and 1% in the year to March, to $544,607.

In Christchurch the average value rose 0.5% in the first quarter of this year and 5.3% in the year to March, to $472,130.

"The rate of growth in Auckland is exceptionally strong while values are rising more slowly than they were this time last year in Hamilton, Wellington, Christchurch and Dunedin," QV national spokesperson Andrea Rush said.

"Value increases are beginning to plateau in parts of the Christchurch market as the supply of new homes begins to meet the demand created by the earthquakes.

"Values in Tauranga and Invercargill rose moderately, while the Hamilton, Wellington and Dunedin markets are quite flat.

"The expectation is that Auckland will continue to accelerate while the rest of the main centres will remain steady with values either moderately increasing, staying flat or in some cases declining slightly," she said.

All parts of the Auckland region except Rodney and Franklin had double digit average value increases in the year to March.

The biggest value increases were in the south of the region, with average values in the southern suburbs within the former Auckland City boundaries increasing by 17.9% in the year to March (to $863,264) while average values in north west Manukau were up 16.2% to $555,043.

Some rural areas posted declines in average values, with the biggest drop occurring in the Ruapehu District where the average value declined 7.2% in the year to March to $129,347.

See the chart below for average dwelling values for all regions of the country:

QV Residential Price Movement Index
Current period: three months to March 2015
Territorial authority Average current value $ 12 month change% 3 month change %
Far North 302,825 0.2% -1.7%
Whangarei 347,095 2.4% 2.9%
Kaipara 345,828 5.2% 1.8%
Auckland – Rodney 707,259 8.1% 3.0%
Rodney – Hibiscus Coast 702,437 8.8% 3.0%
Rodney – North 712,839 7.2% 2.9%
Auckland – North Shore 935,891 13.4% 4.8%
North Shore – Coastal 1,072,468 13.2% 5.5%
North Shore – Onewa 754,149 14.1% 3.7%
North Shore – North Harbour 897,152 12.5% 4.3%
Auckland – Waitakere 626,268 14.1% 5.2%
Auckland – City 954,660 15.5% 5.2%
Auckland City – Central 826,509 11.3% 4.7%
Auckland_City – East 1,195,389 15.4% 5.1%
Auckland City – South 863,264 17.9% 5.4%
Auckland City – Islands 830,476 13.9% 8.2%
Auckland – Manukau 661,431 13.9% 5.0%
Manukau – East 870,424 13.5% 5.5%
Manukau – Central 499,190 11.5% 4.2%
Manukau – North West 555,043 16.2% 4.9%
Auckland – Papakura 480,939 12.8% 3.8%
Auckland – Franklin 494,946 8.2% 2.4%
Thames Coromandel 520,923 4.0% 2.7%
Hauraki 251,273 2.6% 5.4%
Waikato 293,200 6.3% 2.1%
Matamata Piako 284,463 5.6% 2.1%
Hamilton 373,661 3.4% 0.5%
Hamilton – North East 471,128 3.6% 0.6%
Hamilton – Central & North West 346,993 3.2% 0.7%
Hamilton – South East 345,643 2.5% 1.1%
Hamilton – South West 327,096 2.7% -0.5%
Waipa 353,268 5.8% 1.5%
Otorohanga N/A N/A N/A
South Waikato 124,849 -4.8% -4.3%
Waitomo N/A N/A N/A
Taupo 343,544 3.6% 1.8%
Western BOP 419,448 2.4% -1.0%
Tauranga 466,378 5.1% 1.7%
Rotorua 268,628 -3.1% -0.5%
Whakatane 295,444 -0.2% -2.3%
Kawerau 104,629 -0.9% 1.2%
Opotiki N/A N/A N/A
Gisborne 229,158 -2.5% 1.6%
Wairoa N/A N/A N/A
Hastings 302,103 0.7% 1.5%
Napier 328,848 1.2% 0.2%
Central Hawkes Bay 213,472 4.0% 5.9%
New Plymouth 357,061 2.5% -0.2%
Stratford 192,033 -1.8% -4.7%
South Taranaki 184,359 1.9% -0.8%
Ruapehu 129,347 -7.2% -6.6%
Wanganui 180,541 -1.7% -1.0%
Rangitikei 141,680 0.4% -0.8%
Manawatu 245,136 1.8% 1.2%
Palmerston North 289,325 1.0% 0.0%
Tararua 150,175 -1.8% -0.4%
Horowhenua 204,723 1.0% 0.5%
Kapiti Coast 378,438 2.8% 0.2%
Porirua 379,242 0.9% 0.0%
Upper Hutt 337,003 0.5% 0.7%
Hutt 374,538 -0.9% 1.4%
Wellington 544,607 1.0% 0.6%
Wellington – Central & South 552,419 1.0% 0.1%
Wellington – East 591,356 1.9% -0.2%
Wellington – North 480,133 1.7% 1.8%
Wellington – West 616,159 -1.1% 0.2%
Masterton 239,643 -0.3% 1.3%
Carterton 274,116 6.3% 5.2%
South Wairarapa 302,512 0.0% 1.4%
Tasman 419,517 0.8% 1.1%
Nelson 410,205 2.6% 0.0%
Marlborough 353,392 3.0% 2.0%
Kaikoura 353,298 -1.6% 2.9%
Buller 198,252 -5.6% -1.9%
Grey 218,747 -2.9% -2.6%
Westland 228,774 0.9% 0.5%
Hurunui 338,485 2.0% -2.4%
Waimakariri 415,181 3.5% 0.2%
Christchurch 472,130 5.3% 0.5%
Christchurch – East 353,063 4.8% 0.5%
Christchurch – Hills 636,634 5.2% 1.6%
Christchurch – Central & North 552,194 4.8% 0.1%
Christchurch – Southwest 454,621 6.9% 1.1%
Christchurch – Banks Peninsula 477,643 2.0% -1.9%
Selwyn 518,718 5.0% 1.6%
Ashburton 325,192 4.1% -1.0%
Timaru 298,495 8.6% 3.1%
MacKenzie 316,939 6.7% 8.6%
Waimate 210,060 3.0% 4.5%
Waitaki 225,104 3.1% 1.5%
Central Otago 319,769 1.3% 0.2%
Queenstown Lakes 715,787 7.2% 3.3%
Dunedin 291,454 0.6% -0.3%
Dunedin – Central & North 303,242 1.6% 0.8%
Dunedin – Peninsular & Coastal 267,187 0.4% -1.4%
Dunedin – South 275,252 -0.4% -1.2%
Dunedin – Taieri 303,637 0.7% -0.3%
Clutha 167,692 4.8% 1.4%
Southland 203,325 0.3% -1.0%
Gore 183,197 0.7% -0.5%
Invercargill 208,612 0.8% 1.9%
       
Auckland Area    796,649 13.9% 4.6%
Wellington Area    456,879 0.5% 0.8%
Main Urban Areas    593,412 9.3% 3.2%
Total NZ    502,411 7.7% 2.8%

 

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