QV says high migration and lack of supply have pushed Auckland house prices up 20.4% in last 12 months

Average home values across the country rose by 11.3% in the 12 months to August and 20.4% in Auckland, according to the latest figures from Quotable Value (QV).

That pushed the average home’s value nationwide to $534,331, while in Auckland it surged to $874,851.

“Values in Auckland continue to rise rapidly at the fastest rate since mid-2004 with the market there continuing to be driven by high net migration and lack of supply,” QV national spokesperson Andrea Rush said.

Within the Auckland region the biggest rise in average values was in Papakura where they rose by 25.5% in the year to August, followed by north west Manukau at 24.9% and central Manukau at 24.6%. (For full regional and district values see chart below). 

“The upward trend in values seen in upper North Island centres near Auckland is also continuing, with the Hamilton market now accelerating and values in Tauranga, Whangarei, Hastings and the Hauraki District continuing to rise.

“The new rules set to come in over the next couple of months requiring a 30% deposit for investment property in the Auckland region and a softening of the LVR rules for the regions may also be a factor incentivising this activity,” she said.

In Hamilton the average dwelling value was $400,811 in August, up 10.3% compared to a year earlier and in Tauranga it was $493,054, up 8.6% compared to a year earlier. However the Wellington and Christchurch markets remain relatively flat, with the Wellington region’s average value up just 2.4% for the year to $546,914 in August, while in Christchurch it rose 3.1% for the year to $476,317.

See below for the average housing values in all parts of the country and their movement over the last 12 months and interactive graphs showing the movement of average values in all regions since June 1974.

QV House Price Index August 2015

Territorial authority Average current value 12 month change % 3 month change %
Auckland Region 874,851 20.40% 5.6%
Wellington Region 457,266 1.70% -0.1%
Main Urban Areas 637,912 13.90% 4.4%
Total NZ 534,331 11.30% 3.9%
       
Far North 318,869 6.10% 5.1%
Whangarei 353,402 4.60% 1.0%
Kaipara 363,663 9.90% 6.0%
Auckland – Rodney 752,114 9.70% 4.2%
Rodney – Hibiscus Coast 742,137 8.40% 3.9%
Rodney – North 763,926 10.80% 4.5%
Auckland – North Shore 1,030,064 20.10% 5.8%
North Shore – Coastal 1,174,413 18.40% 5.5%
North Shore – Onewa 845,538 24.60% 7.2%
North Shore – North Harbour 979,487 18.30% 4.9%
Auckland – Waitakere 703,242 23.90% 7.1%
Auckland – City 1,032,460 20.40% 4.1%
Auckland City – Central 889,787 17.30% 3.9%
Auckland_City – East 1,282,105 19.90% 3.3%
Auckland City – South 945,957 23.50% 5.0%
Auckland City – Islands 873,774 12.10% 4.6%
Auckland – Manukau 738,037 22.00% 7.1%
Manukau – East 956,068 18.70% 5.6%
Manukau – Central 575,372 24.60% 9.8%
Manukau – North West 620,426 24.90% 7.6%
Auckland – Papakura 546,791 25.50% 8.0%
Auckland – Franklin 546,187 16.60% 6.6%
Thames Coromandel 526,962 4.30% 1.0%
Hauraki 263,593 16.00% 2.8%
Waikato 309,819 9.00% 3.8%
Matamata Piako 286,896 2.30% 1.0%
Hamilton 400,811 10.30% 5.7%
Hamilton – North East 508,304 10.80% 5.6%
Hamilton – Central & North West 373,562 10.10% 5.6%
Hamilton – South East 368,178 10.70% 6.2%
Hamilton – South West 352,986 10.60% 6.3%
Waipa 362,249 6.60% 1.5%
Otorohanga N/A N/A N/A
South Waikato 134,552 6.50% 4.0%
Waitomo N/A N/A N/A
Taupo 353,748 6.20% 2.5%
Western BOP 441,642 7.20% 4.0%
Tauranga 493,054 8.60% 2.6%
Rotorua 273,754 0.90% -1.1%
Whakatane 299,398 1.50% -0.1%
Kawerau 101,670 -6.10% -2.0%
Opotiki 203,767 -6.60% -3.4%
Gisborne 229,039 -0.80% 1.6%
Wairoa 141,757 -5.20% -5.2%
Hastings 312,185 5.90% 1.7%
Napier 332,720 2.40% 1.2%
Central Hawkes Bay 204,394 -3.40% -5.7%
New Plymouth 361,993 3.60% 0.9%
Stratford 201,891 -0.80% -2.0%
South Taranaki 183,734 2.20% 0.1%
Ruapehu 127,588 -6.70% -6.0%
Wanganui 181,207 1.60% -0.6%
Rangitikei 141,893 -1.90% 0.0%
Manawatu 244,562 1.40% 1.3%
Palmerston North 294,294 3.60% 1.3%
Tararua 149,455 0.60% -2.2%
Horowhenua 207,073 2.30% -0.6%
Kapiti Coast 382,257 2.60% 0.4%
Porirua 380,751 2.10% -0.4%
Upper Hutt 334,954 -0.20% -0.7%
Hutt 373,074 1.30% -0.8%
Wellington 546,914 2.40% 0.3%
Wellington – Central & South 554,268 2.00% 0.3%
Wellington – East 593,768 3.30% 0.5%
Wellington – North 481,129 2.10% 1.1%
Wellington – West 626,611 3.30% -0.3%
Masterton 233,416 -2.70% -4.1%
Carterton 271,064 1.10% 2.0%
South Wairarapa 301,264 -1.80% -1.5%
Tasman 424,510 2.90% 0.8%
Nelson 415,682 3.20% 0.8%
Marlborough 353,157 1.90% -0.2%
Kaikoura N/A N/A N/A
Buller 191,486 -7.60% -8.3%
Grey 221,101 3.00% 2.5%
Westland 234,359 1.00% 3.8%
Hurunui 356,025 4.00% 2.1%
Waimakariri 417,430 3.00% 0.4%
Christchurch 476,317 3.10% 0.4%
Christchurch – East 361,162 5.00% 1.6%
Christchurch – Hills 641,937 3.00% -1.0%
Christchurch – Central & North 557,121 3.00% 0.2%
Christchurch – Southwest 454,205 2.40% 0.2%
Christchurch – Banks Peninsula 490,844 2.00% 1.3%
Selwyn 516,716 2.20% -0.7%
Ashburton 327,010 3.60% -0.4%
Timaru 307,866 9.20% 2.3%
MacKenzie 304,367 7.20% -0.9%
Waimate 198,610 1.20% -4.9%
Waitaki 229,153 4.20% 0.7%
Central Otago 331,673 2.10% 1.6%
Queenstown Lakes 731,093 9.50% 1.9%
Dunedin 299,508 3.70% 2.1%
Dunedin – Central & North 310,933 4.80% 2.8%
Dunedin – Peninsular & Coastal 275,543 3.90% 0.5%
Dunedin – South 284,394 1.60% 1.8%
Dunedin – Taieri 309,753 3.50% 1.4%
Clutha 165,313 -0.50% -1.8%
Southland 213,474 3.80% 1.4%
Gore 186,950 0.40% 2.9%
Invercargill 207,960 1.30% -0.2%

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