The average value of homes in Auckland is now $975,087, according to Quotable Value, making it increasingly likely that the average value of homes in the region will pass the million dollar milestone later this year.
QV's valuation figures based on sales for the three months ended June show that property values around the country are continuing to rise.
The average value of all homes in the country, was $590,909 in June, up 13.5% compared to a year earlier.
In the Wellington region it was $516,430 in June, up 12.4% for the year and in Christchurch it was $491,148, up 3.6% for the year.
However the biggest increase in dwelling values over the last year has occurred just south of Auckland. Average values in Hamilton rose 29% over the last 12 months to hit $492,403 in June, and in Tauranga they have risen 23.6% over the last year to hit $599,915 in June.
QV national spokesperson Andrea Rush said housing values were rising at their fastest rate since 2004.
"Many housing markets around the country are continuing to be driven by strong investor demand, low interest rates, rapid price growth in the Auckland market and strong net migration," she said.
The latest CoreLogic data showed that 46% of all sales in Auckland were to investors, she said.
"The Reserve Bank is considering introducing further restrictions on property investors and it appears this may have led to a surge in investor purchases in various housing markets around the country over the last month," she said.
There are now only two places in the country where average dwelling values are less than they were 12 months ago, Wairoa on the east coast of the North Island, where the average value was $148,049 in June, down 2.4% compared to a year ago, and Westland, where the average value was $218,688 in June, down 5.7% compared to a year earlier.
The second most expensive place in the country after Auckland is the Queenstown Lakes District, where the average dwelling value was $899,335 in June, up 25% compared to a year earlier.
See the table below for the average dwelling values throughout the country.
QV House Price Index June 2016:
| Territorial authority | Average current value $ | 12 month change% | 3 month change % |
| Auckland Area | 975,087 | 16.1% | 4.7% |
| Wellington Area | 516,430 | 12.4% | 5.1% |
| Main Urban Areas | 706,477 | 14.1% | 5.9% |
| Total NZ | 590,909 | 13.5% | 5.6% |
| Far North | 351,792 | 14.5% | 4.6% |
| Whangarei | 411,931 | 18.2% | 4.1% |
| Kaipara | 418,962 | 19.4% | 7.2% |
| Auckland - Rodney | 854,183 | 16.9% | 2.9% |
| Rodney - Hibiscus Coast | 842,575 | 16.6% | 3.8% |
| Rodney - North | 867,065 | 17.1% | 2.0% |
| Auckland - North Shore | 1,135,868 | 15.0% | 5.4% |
| North Shore - Coastal | 1,296,298 | 14.9% | 6.2% |
| North Shore - Onewa | 913,236 | 13.7% | 5.3% |
| North Shore - North Harbour | 1,107,688 | 17.0% | 3.9% |
| Auckland - Waitakere | 771,270 | 15.0% | 4.3% |
| Auckland - City | 1,146,639 | 14.3% | 4.9% |
| Auckland City - Central | 995,878 | 15.4% | 3.8% |
| Auckland_City - East | 1,432,904 | 14.2% | 5.2% |
| Auckland City - South | 1,039,992 | 13.5% | 5.2% |
| Auckland City - Islands | 970,126 | 17.5% | 7.2% |
| Auckland - Manukau | 842,142 | 20.4% | 5.3% |
| Manukau - East | 1,083,365 | 18.1% | 5.8% |
| Manukau - Central | 649,964 | 21.7% | 4.3% |
| Manukau - North West | 724,180 | 23.7% | 5.8% |
| Auckland - Papakura | 626,439 | 22.6% | 2.2% |
| Auckland - Franklin | 611,898 | 17.9% | 3.7% |
| Thames Coromandel | 579,314 | 10.9% | 2.3% |
| Hauraki | 307,340 | 18.6% | 7.5% |
| Waikato | 385,618 | 26.4% | 4.7% |
| Matamata Piako | 341,805 | 20.1% | 4.5% |
| Hamilton | 492,403 | 29.0% | 6.9% |
| Hamilton - North East | 628,043 | 29.6% | 8.4% |
| Hamilton - Central & North West | 451,921 | 26.4% | 5.4% |
| Hamilton - South East | 449,378 | 29.2% | 5.3% |
| Hamilton - South West | 435,483 | 29.8% | 6.7% |
| Waipa | 435,827 | 21.3% | 6.1% |
| Otorohanga | 234,027 | 13.1% | 4.5% |
| South Waikato | 154,866 | 20.7% | 7.0% |
| Waitomo | 168,500 | 2.6% | 14.7% |
| Taupo | 387,697 | 12.4% | 3.2% |
| Western BOP | 526,756 | 20.9% | 5.8% |
| Tauranga | 599,915 | 23.6% | 4.9% |
| Rotorua | 327,596 | 20.2% | 7.2% |
| Whakatane | 349,171 | 14.8% | 9.1% |
| Kawerau | 131,004 | 21.6% | 10.1% |
| Opotiki | 241,948 | 21.6% | 7.9% |
| Gisborne | 237,185 | 4.4% | 1.1% |
| Wairoa | 148,059 | -2.4% | 1.3% |
| Hastings | 345,577 | 11.6% | 4.4% |
| Napier | 372,963 | 13.0% | 4.0% |
| Central Hawkes Bay | 231,582 | 6.6% | 3.8% |
| New Plymouth | 389,369 | 8.2% | 2.5% |
| Stratford | 218,478 | 8.8% | 2.1% |
| South Taranaki | 189,418 | 1.8% | 1.8% |
| Ruapehu | 143,267 | 9.5% | 2.6% |
| Whanganui | 197,299 | 7.3% | 3.5% |
| Rangitikei | 152,895 | 7.4% | 3.7% |
| Manawatu | 265,827 | 10.0% | 2.3% |
| Palmerston North | 315,930 | 8.4% | 3.0% |
| Tararua | 156,623 | 1.8% | 0.3% |
| Horowhenua | 226,759 | 9.8% | 4.7% |
| Kapiti Coast | 421,743 | 10.0% | 4.6% |
| Porirua | 423,388 | 10.5% | 3.8% |
| Upper Hutt | 366,480 | 8.6% | 4.9% |
| Hutt | 413,488 | 9.5% | 4.6% |
| Wellington | 625,319 | 14.4% | 5.4% |
| Wellington - Central & South | 627,244 | 13.3% | 5.7% |
| Wellington - East | 689,324 | 16.5% | 6.0% |
| Wellington - North | 548,069 | 14.3% | 5.0% |
| Wellington - West | 728,296 | 15.7% | 5.7% |
| Masterton | 246,070 | 1.2% | -0.8% |
| Carterton | 281,372 | 6.8% | -0.1% |
| South Wairarapa | 328,463 | 8.0% | 2.1% |
| Tasman | 456,144 | 9.8% | 3.4% |
| Nelson | 460,495 | 11.4% | 3.1% |
| Marlborough | 385,818 | 9.5% | 2.9% |
| Kaikoura | 392,516 | 5.3% | 2.8% |
| Buller | N/A | N/A | N/A |
| Grey | 212,097 | 0.1% | 2.2% |
| Westland | 218,688 | -5.7% | -4.4% |
| Hurunui | 359,413 | 3.9% | -0.5% |
| Waimakariri | 427,756 | 2.4% | 1.1% |
| Christchurch | 491,148 | 3.6% | 1.1% |
| Christchurch - East | 372,878 | 4.2% | 1.1% |
| Christchurch - Hills | 663,657 | 3.3% | 1.7% |
| Christchurch - Central & North | 577,779 | 4.0% | 1.3% |
| Christchurch - Southwest | 464,539 | 2.7% | 0.5% |
| Christchurch - Banks Peninsula | 514,123 | 5.3% | 4.3% |
| Selwyn | 532,151 | 2.7% | 0.0% |
| Ashburton | 350,775 | 7.9% | 3.2% |
| Timaru | 322,763 | 7.0% | 1.1% |
| MacKenzie | 356,688 | 14.9% | 3.6% |
| Waimate | 218,210 | 7.0% | 1.3% |
| Waitaki | 238,272 | 3.8% | 1.0% |
| Central Otago | 384,718 | 17.2% | 7.9% |
| Queenstown Lakes | 899,335 | 25.0% | 10.9% |
| Dunedin | 327,664 | 10.7% | 4.0% |
| Dunedin - Central & North | 342,492 | 12.3% | 4.4% |
| Dunedin - Peninsular & Coastal | 290,662 | 4.5% | 2.7% |
| Dunedin - South | 312,140 | 9.6% | 4.1% |
| Dunedin - Taieri | 340,573 | 11.6% | 3.8% |
| Clutha | 174,414 | 3.8% | -1.7% |
| Southland | 216,756 | 1.9% | 0.3% |
| Gore | 195,477 | 9.3% | 2.7% |
| Invercargill | 221,391 | 6.3% | 1.7% |
No chart with that title exists.
61 Comments
As PM has come out in open support of House price going up, will he take responsibilty and apologise to the nation when it burst as is bound to affect many kiwi.
Thiugh democracy is govt of all the people, to all the people, by all the people but national party has changed to govt of the Rich, by the Rich and to the Rich
Legacy of JK.
Little needs to fess up and be honest. Of course ALL house prices will need to come down to have any effect on affordability now and in the future. Negative equity is compulsory. Little needs to understand, more benefits, subsidies and KiwiSaver crap just won't cut the mustard at election time. The ambulance at bottom of cliff approach will not work. Fess up or continue in opposition as National lite. Time for courage Labour! Not pussy footing around. If they won't do it I know a man who will
Agree Justice. Opposition should be shouting now and preparing strategies for next year's election.
It doesn't matter whether the whole shit show falls apart now or the bubble continues to inflate this will be the only real election issue.
As a former money trader JK's risk management has been appalling. NZ will take a decade to recover from the social and economic damage once this blows. That will be the price for JK gambling with our future.
I know exactly when it will end but I will not share this information. It's not that hard to figure out but so many people are busy with the wrong issues like politics or love to blame everyone else that they fail to see the 1 obviously clear reason for the price increase
you are exactly right. those who are buying now and have bought recently are taking huge risks.
I notice the growth rate in Auckland is falling already and is now below the rest of the country.... the smart money is getting out of Auckland and into the regions - or has already done so.
Why is everyone ignoring that major contribution to this bubble is Overseas/non resident buyers. Put a brake/measure on them.
Check with any estate agency office and will see that the majority house buyer are Chinese sounding name. Am sure experts must be having friends in estate agency office to check with them and will give you a frank data unofficially as do not want to be in trouble.
Official data is under nation party control and JK has already mentioned that he is interested in ever rising house price so will do anything to achieve the goal as can be seen from the last faulty data about overseas buyer that was released. Am sure they know what the reality is but is just manipulation and lie to achieve their goal being in power.
If wrong why does not the National party proves by releasing the correct data.
we are ignoring this because it is not the cause. If immigration was the cause then rentals would have gone up by the same amount. If rentals went up business would move out of Auckland. This is purely a speculator-driven bubble that is going to burst a create a generation with debt they cant pay back.
Woo Hoo I'm a Millionaire ! property owners are noticeably absent here today by the looks of things. Unfortunately its human nature, met a guy I used to work with who I have not seen for years at the gas station and he is smiling from ear to ear with the value of his property. The flow on effects are confidence and more borrowing. Did your hear on the radio today new car sales have hit a record ? its keeping the whole economy propped up. Party like its 2099.
A friend I hadn't seen years. In the first 5 minutes of conversation he tells me to come around for bluffys and champagne (a few of his friends are heading around - at his expense), and then starts talking about his house value and how National are the best thing ever yadda yadda - driving a new car. I have a pretty good feel for what he earns so either
a) he won lotto/inherited a lot
b) His new found property value is driving a spendathon.
c) The cocaine that was recently confiscated was his second shipment.
I'm truly at a loss as to what to do now. I have waited and waited and saved and saved and saved. It now is looking like despite it being bad for everyone and everything we're heading upwards in price, to infinity. I have vested interests in Auckland and I cannot leave for a variety of reasons right now. So what? What is it we're supposed to do? Just watch as prices go up and up and up. Keep quiet about how unfair and unjust it all is? I want a home. I want to be able to knuckle down and save a deposit for a HOME. I want to have a dog, hang pictures and paint walls. I don't understand how this can be good either way, whether a crash or whether we become The Capitol and all the districts have to pick the pluckiest kids to fight to the death in an arena once a year. HOW is this healthy? Why is this carrying on???? Why are there no riots on the damn streets about this??!!!
It is quite soul destroying I know.
However, I hope you did not vote for national or labour in the last election as they facilitated the mass immigration behind this.
Your only vote should be for Winston Peters who would target the immigration side of the equation.
Here's the thing. Your government does not care, your bank does not care, your landlord most probably does not care.
And those riots will come only after the whole thing tanks. NZder's are not proactive, we are reactive politically.
Just protect what you do have ( savings etc) from being stolen via anything resembling the OBR. Ok. You are not alone, there are thousands of people just like you waiting for that stolen dream to return. The fact of the matter is, there are many actively working against you from having it, because YOU and others are a cash cow to them. Be angry, but also be self aware and prepared for anything.
The answer for you is wait, and prioritise.
Things won't continue on this trajectory forever, things will come back, so keep putting cash away.
If having a dog and hanging pictures is a priority and your current landlord won't let you do that, then look elsewhere for another rental, but bear in mind that's likely to come with a cost (larger place with a lawn etc), but then it's all about how much having those things are worth to you.
If buying your own place is really that important and not homeowning is making you miserable, then depending how much you have in the bank, just buy something, even if it's a 1 hour commute or only a 1 bedroom flat. Otherwise, just wait..... in another year or two, you'll have more cash, more options and the housing market is likely to be different.
And what? Magically be able to afford the deposit that's now at a starting point of at least double what I have and every week getting more and more expensive and I can't save fast enough even pulling all expenses back to bear minimum and working 3 jobs. I'm not waiting because I'm stalling. I'm waiting because I can't do much else. I can't afford to 'just jump in'.
ANALYSIS
Why smart money is still investing in Canadian houses: Don Pittis
...strong global economic forces are pushing prices ever higher in our most international cities.
Metro Vancouver housing prices expected to climb another 25% this year
The United Kingdom’s narrow vote to leave the European Union had specific British causes. And yet it is also the proverbial canary in the coal mine, signaling a broad populist/nationalist backlash — at least in advanced economies — against globalization, free trade, offshoring, labor migration, market-oriented policies, supranational authorities, and even technological change.
http://www.marketwatch.com/story/backlash-against-globalization-pits-wi…
That's one of many such articles.
Valuations in globalised cities are rising much faster than in their hinterlands
GLOBALISATION has created a handful of metropolises that attract people, capital and ideas from all over the world, almost irrespective of how their national economy is doing. House prices in such places, unsurprisingly, outpace the national average.
Auckland property appears expensive but one of the major reasons investors have bought is that the population density is in the lowest decile of global cities. Everybody knows the density is going to rise significantly over the coming years especially in the more central areas. All part of the urbanisation process that we learnt about in geography lessons years ago.
Even National Party supporters are asking the question:
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=116…
.
Or perhaps this is a deliberate pollster/masses control technique: allow an uproar, then respond with some sort of 'action'. Joe Average then thinks that the Govt is doing its best.
Politicians are bonkers if they think Aucklanders want to see 40% wiped off their house value and will vote in droves to support that. Key is not bonkers. Not sure aboutr Fran O'Sullivan after reading her piece in the Herald.
What Aucklanders want is some affordable alternatives for FHBs.
To present the proposal as a way of wiping out home owner's equity is a ridiculous way of trying to sell it. Naturally we are going to circle our wagons. What are they thinking?
What a move, allows the bloke to throw residential home investors under the bus.
http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11669…
Not being bonkers he sees investors as expendable (as if they won't vote for him come whatever).
He can tell em it could have been worse.
Whose not bonkers now.
Is this true:?
billmurray (438 comments) says:
July 6th, 2016 at 8:28 am
The Labour party is again waxing and having fits about the housing crisis in Auckland,
What Labour does not tell us that it was Labour that caused the present crisis when they signed a free trade agreement with China in 2008 which gave Chinese people the right to buy property in New Zealand WHETHER OR NOT THEY RESIDED IN NEW ZEALAND.
It was the Helen Clark government and Phil Goff was the lead negotiator, this agreement was endorsed by all political parties and the CTU also not only endorsed it but sent representatives to the signing in China.
We now have humbug and lies about this situation with Labour ranting about John Key and National causing this situation when the architects are the Labour government of 2008.
JUST TELL THE TRUTH LITTLE AND TWYFORD AND STOP BLAMING EVERY ONE BUT YOURSELVES.
http://www.kiwiblog.co.nz/2016/07/general_debate_6_july_2016.html
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