The national average dwelling value increased to $542,277 for the three months to September, up 4.2% over three months and up 12.6% for the year, according to Quotable Value (QV).
In Auckland the average dwelling value continues to head towards the million dollar mark, coming in at $896,676 for the three months to September, up 22.6% compared with year earlier, although QV said buyer demand was slowing in the region.
“Home values in many of the central and upper North Island centres have continued on the upward trend seen over the past few months,” QV national spokesperson Andrea Rush said.
“This includes Auckland, Tauranga, Hamilton, Hawkes Bay, Whangarei and the Far North.
“Values are also rising in Taupo and Rotorua after a long period of being quite flat.”
However the Wellington and Christchurch markets had been flat over the last three months, Rush said.
Within the Auckland region the biggest increases in housing values have occurred in south Auckland, with average values in Papakura increasing by 29.8% over the last year, closely followed by north west Manukau where values increased by 29.3%.
Average values in Waitakere were up 26.3% for the year to $720,411 followed by Manukau where they were up 25% to$762,626, followed by homes within the central Auckland suburbs which were up 22.6% to $1,057,035, North Shore up 21.7% to $1,052,150, while in Rodney average values were up 12.3% for the year to $764,673.
However QV said there were signs of a slowdown in Auckland.
Although average housing values were still rising in Auckland, there had been a slow down in buyer demand across the region and a higher percentage of properties were being passed in at auction to be sold by negotiation, QV’s September report said.
“Overall there seems to be less hype, less panic and more caution,” QV operations manager northern Jan O’Donoghue said.
“There has been some sort of a realisation among buyers that the prices are not affordable and there is time for them to do more homework before putting an offer in.”
QV said the 12.6% annual national rise in values is the fastest rate since October 2007. National values are now 30.9% above the previous market peak of late 2007. When adjusted for inflation the September year nationwide annual increase drops to 12.3%, with values 11.8% above the 2007 peak.
Auckland values are up 64.1% since 2007, the fastest annual rate of increase since late 1994. When adjusted for inflation Auckland values are 22.3% higher over the September year, and are 40.1% above the 2007 peak.
To see QV’s average dwelling values for all towns and districts throughout the country, click on the link below.