The average value of residential property throughout New Zealand continued increasing over the three months to the end of January setting a new all time high.
According to property data company CoreLogic's NZ House Price Index, the average value of NZ homes is now $1,028,097 based on sales data over the three months to the end of January.
That was up $21,465 compared to the three months to the end of December.
In the Auckland region the average dwelling value increased $47,375 over the same period, rising from $1,426,882 at the end of December to $1,474,257 at the end of January.
That means average dwelling values are above $1 million in all districts stretching from Rodney in Auckland's north to Thames-Coromandel to the south of the city.
The cheapest district within Auckland's boundaries is Franklin on the region's southern fringe with an average value of $1,028,062, while the most expensive is central Auckland's eastern district which includes suburbs such and St Heliers and Mission Bay, which has an average value of $2,160,569.
Other million dollar-plus districts are north-east Hamilton $1,126,349, Tauranga $1,166,975, Wellington City $1,273, 761, Porirua $1,011,589 (with the Hutt Valley not far behind), Christchurch's Hill suburbs $1,008,427 and Queenstown-Lakes $1,551,659 (see the table below for the average values nationwide).
CoreLogic said property values over the three months to January surprised on the upside, because there was also a slight increase in the rate of value growth, which had previously been declining.
In the three months to the end of January average property values nationwide increased by 6.0%, compared to a 5.9% increase over the three months to the end of December.
Auckland had an even bigger upturn, with average values increasing by 6.7% in the three months to January compared to 5.9% in the three months to December.
However CoreLogic's New Zealand Head of Research Nick Goodall, maintained a slightly bearish view on where housing values might be headed this year.
"There is mounting evidence residential property values could slow in the coming months with some areas more vulnerable than others," Goodall said.
"Certainly, property market activity levels seem to have passed their peak, and typically that will lead to a clearer slowdown in values after a lag of a few months," he said.
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| CoreLogic House Price Index | ||||
| January 2022 | ||||
| Territorial authority | Average current value | 12 month change% | 3 month change % | |
| Far North | $669,352 | 24.3% | 3.4% | |
| Whangarei | $828,993 | 30.5% | 8.0% | |
| Kaipara | $893,506 | 37.1% | 13.3% | |
| Auckland - Rodney | $1,393,115 | 31.7% | 9.1% | |
| Rodney - Hibiscus Coast | $1,339,379 | 31.1% | 9.3% | |
| Rodney - North | $1,441,280 | 32.1% | 9.0% | |
| Auckland - North Shore | $1,670,745 | 25.2% | 9.2% | |
| North Shore - Coastal | $1,909,328 | 25.0% | 9.2% | |
| North Shore - North Harbour | $1,591,960 | 25.3% | 9.0% | |
| North Shore - Onewa | $1,375,670 | 25.7% | 8.4% | |
| Auckland - Waitakere | $1,163,477 | 25.4% | 5.0% | |
| Auckland - City | $1,703,146 | 24.5% | 5.0% | |
| Auckland City - Central | $1,407,639 | 20.1% | 3.8% | |
| Auckland City - Islands | $1,731,333 | 38.4% | 10.7% | |
| Auckland City - South | $1,552,675 | 24.8% | 5.9% | |
| Auckland_City - East | $2,160,569 | 26.1% | 4.7% | |
| Auckland - Manukau | $1,324,806 | 28.9% | 7.7% | |
| Manukau - Central | $1,061,665 | 33.6% | 9.6% | |
| Manukau - East | $1,654,952 | 24.8% | 5.1% | |
| Manukau - North West | $1,133,244 | 27.4% | 7.4% | |
| Auckland - Papakura | $1,039,586 | 31.9% | 7.8% | |
| Auckland - Franklin | $1,028,062 | 36.4% | 10.6% | |
| Thames Coromandel | $1,135,393 | 25.5% | 0.8% | |
| Hauraki | $678,838 | 39.0% | 21.4% | |
| Waikato | $827,641 | 45.3% | 22.4% | |
| Matamata Piako | $707,057 | 26.8% | 4.6% | |
| Hamilton | $908,475 | 30.9% | 6.5% | |
| Hamilton - Central & North West | $852,680 | 32.6% | 6.7% | |
| Hamilton - North East | $1,126,349 | 33.0% | 7.7% | |
| Hamilton - South East | $831,594 | 28.5% | 3.8% | |
| Hamilton - South West | $799,126 | 27.1% | 6.5% | |
| Waipa | $910,798 | 30.7% | 10.3% | |
| South Waikato | $464,262 | 31.5% | 13.0% | |
| Waitomo | $364,566 | 42.4% | 6.2% | |
| Taupo | $834,591 | 31.8% | 1.1% | |
| Western BOP | $998,841 | 28.1% | 6.8% | |
| Tauranga | $1,166,975 | 31.3% | 6.9% | |
| Rotorua | $714,966 | 18.9% | 7.3% | |
| Whakatane | $719,544 | 28.7% | 2.6% | |
| Kawerau | $406,205 | 24.6% | 3.0% | |
| Opotiki | $512,862 | 37.6% | 7.6% | |
| Gisborne | $642,891 | 22.1% | 4.3% | |
| Wairoa | $444,122 | 68.2% | 32.6% | |
| Hastings | $898,385 | 35.4% | 5.2% | |
| Napier | $888,700 | 29.9% | 2.4% | |
| Central Hawkes Bay | $632,954 | 38.6% | 9.1% | |
| New Plymouth | $712,546 | 24.9% | 7.4% | |
| Stratford | $475,312 | 26.8% | 2.9% | |
| South Taranaki | $446,904 | 39.1% | 12.6% | |
| Ruapehu | $412,272 | 33.1% | 12.5% | |
| Whanganui | $560,929 | 31.6% | 6.2% | |
| Rangitikei | $506,336 | 39.1% | 12.7% | |
| Manawatu | $673,831 | 27.1% | 3.6% | |
| Palmerston North | $754,212 | 25.6% | 3.0% | |
| Tararua | $467,212 | 39.0% | 4.1% | |
| Horowhenua | $664,337 | 35.1% | 5.0% | |
| Kapiti Coast | $994,122 | 27.5% | 3.1% | |
| Porirua | $1,011,589 | 25.7% | 3.0% | |
| Upper Hutt | $959,083 | 31.6% | 6.3% | |
| Hutt | $993,835 | 29.0% | 0.6% | |
| Wellington City | $1,273,761 | 29.2% | 3.0% | |
| Wellington - Central & South | $1,187,315 | 22.9% | 1.8% | |
| Wellington - East | $1,398,458 | 33.2% | 4.1% | |
| Wellington - North | $1,221,112 | 33.6% | 3.8% | |
| Wellington - West | $1,484,437 | 32.0% | 5.7% | |
| Masterton | $675,954 | 26.0% | 1.7% | |
| Carterton | $725,328 | 35.4% | -2.1% | |
| South Wairarapa | $894,056 | 22.0% | 1.6% | |
| Tasman | $857,045 | 26.9% | 4.7% | |
| Nelson | $862,833 | 21.6% | 4.1% | |
| Marlborough | $729,175 | 24.7% | 5.0% | |
| Kaikoura | $617,117 | 18.9% | 9.3% | |
| Buller | $304,657 | 29.8% | 8.0% | |
| Grey | $335,962 | 35.2% | 5.6% | |
| Westland | $360,009 | 22.6% | -2.4% | |
| Hurunui | $565,172 | 30.3% | 8.9% | |
| Waimakariri | $675,171 | 34.7% | 6.8% | |
| Christchurch | $750,979 | 35.0% | 8.2% | |
| Christchurch - Banks Peninsula | $792,500 | 32.9% | 9.6% | |
| Christchurch - Central & North | $864,066 | 33.1% | 7.7% | |
| Christchurch - East | $576,039 | 35.2% | 8.1% | |
| Christchurch - Hills | $1,008,427 | 32.4% | 8.6% | |
| Christchurch - Southwest | $727,605 | 38.2% | 9.3% | |
| Selwyn | $848,528 | 41.0% | 8.1% | |
| Ashburton | $506,116 | 26.9% | 10.8% | |
| Timaru | $494,757 | 19.4% | 5.0% | |
| MacKenzie | $688,051 | 17.9% | 9.7% | |
| Waimate | $401,135 | 26.6% | 7.1% | |
| Waitaki | $479,533 | 22.1% | 6.5% | |
| Central Otago | $755,253 | 25.7% | 5.0% | |
| Queenstown Lakes | $1,551,659 | 27.8% | 1.6% | |
| Dunedin | $714,945 | 20.6% | 4.7% | |
| Dunedin - Central & North | $730,488 | 19.8% | 5.0% | |
| Dunedin - Peninsular & Coastal | $655,928 | 20.6% | 2.3% | |
| Dunedin - South | $692,084 | 22.0% | 7.7% | |
| Dunedin - Taieri | $746,566 | 21.2% | 3.2% | |
| Clutha | $403,891 | 26.4% | 3.1% | |
| Southland | $468,809 | 26.4% | 7.1% | |
| Gore | $379,752 | 22.2% | 1.7% | |
| Invercargill | $474,933 | 21.0% | 4.7% | |
| Auckland Region | $1,474,257 | 26.6% | 6.7% | |
| Main Urban Areas | $1,168,081 | 26.9% | 5.8% | |
| Wellington Area | $1,133,688 | 29.0% | 2.7% | |
| Total NZ | $1,028,097 | 27.5% | 6.0% | |
| 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 | ||||
89 Comments
Looking good for another bumper year for the housing farmers
Using the term "housing farmers" is repulsive to me... housing owners is more inclusive. I think many would agree with you, not me.
I think the correct term is "debt farmers".
When everything points towards a collapse the market goes the other way...Kiwis can't get enough of property.
Hmm
Means rather than medians aren't a great measure though, especially if the bottom is dropping out of activity at the lower-mid end of the market.
This is from the HPI though, read the "notes on the data above" in yellow
So it gives an average value of all homes in that area based on sales over the last 3 months
Sorry, I only had a quick skim, you are right.
Let's see where things head from here.
"When everything points towards a collapse......"
Famous last words of Nifty 1.
TTP
Perhaps quote the other half of the statement lol...get to the point.
That's set against the backdrop of circa 6% CPI inflation though. House prices need to go up to stay ahead of inflation and wages.
Still room for upwards valuation.
BE QUICK.
There are still a LOT of people who regardless of any indicators or economic facts still believe that the NZ housing market (The 8th wonder of the world) is infallible and will continue doing what has worked for them up until now.
You think giving up smoking or alcohol is difficult, I don't think it can hold a candle to the addiction of NZ property!
LOT of people believe as they know that only economy in NZ is housing and that politicians will do anything and everything to not only support but to promote the pyramid with support from rbnz.
No, housing is Not the Only "economy in NZ". It is significant along with farming and tourism and foreign students. The govt has already killed tourism and education, farming is on their hit list, though they deny it. Housing will be the last leg left. We know what happens to a chair that has one leg... it topples.
I feel like a chair with 2 legs would fall over too. Isn't 3 the bare minimum?
👍
Economists love to prophecise on the end of the bull run in property. They have no credibility left to lose at this point.
the average dwelling price for the average wage earner has reached the vanishing point,followed closely by labours chance of re-election,we gave them the mandate to govern alone and they blew it.
VTHO is right! The egg is still on HM.
I told you so!
There's still room for upward valuation.
Forget Bitcoins.
BE QUICK!
Lets go CWBW!!
One month into the year and you claim victory, hilarious.
Let's see where things stand in 6 months buddy.
Seems no reason to be crying about CCCFA then...it's still pumping.
Rise of house price by appox $12000 per week and this is when everyone is saying that housing market is cooling.
If $12000 per week rise is cooling housing market, can understand extend of ponzi.
Good observation by Bernard Hickey, posting it again here to read.
https://thekaka.substack.com/p/robertson-says-voters-dont-really?token=…
It confirms that politicians are not worried about human BUT Votes by referring to people as voters as this is how they think and must be their language when talking among themselves just like doctor refer its client as patient and traders talk about commodities, similarly for politicians, people are just a number = vote to get power with no feeling and emotions.
Yes modern leaders are spineless regardless of what side of the house they come from. Both Key and Adern elected based upon promises to resolve the housing issue then within a term change tack and pretend the issue doesn’t exist - why? Because it would be hard to fix…and it would require sacrifice. And we no longer have leaders capable of doing hard things.
Strong people create good times…but results in weak people…weak people create hard times but result in strong people. I think we’re at the point where we have had a few decades of weak people creating hard times for many in society. Here’s hopping that creates strong people capable of making good times once more. Again I think this is only possible when certain generations step aside - in line with the Strauss/Howe 4th turning theory.
I honestly don’t think it is the politicians fault. Every action that can be taken has been taken.
• We have building at record and capacity levels
• Immigration has stopped
• Taxes on property are up significantly
• Interest rates are up and continuing to rise
• LVRs are back, DTIs might be coming, and new lending rules are in place.
What else could be done.
You can’t stop people making dumb financial/investment decisions based on greed and FOMO. If someone wants to over pay for a property, they will overpay.
We just have to wait for gravity to catch up with the property market.
That's not quite true.
They could have embarked on a mass house building programme of social and affordable housing (the latter for FHBs).
Also, changing the Reserve Bank Act has not helped.
They could have manged population growth - now there's an idea!
But if you read the treasury reports you quickly realise as a country we can’t afford to stop insanely high immigration levels otherwise the boomers superannuation bill is going to cripple the countries finances.
We have to keep increasing the tax pool by bringing in more workers to act as serfs to the boomers…renting their houses and paying their super.
We should have had compulsory superannuation, higher contribution rates, and a higher age for NZ Super 10-15 years ago. Ideally we would have made those changes in the 90s like the Australians.
But then politicians like Grant Robertson and Adern come out and say we won’t let house prices fall because we think everyone wants their house price to keep rising? (despite 77% of the population disagreeing).
You can’t have it both ways…’we want house prices to be affordable but we also want them to never drop in price’.
Our politicians could do far more…they are two-faced hypocrites on the topic of housing trying to please both the rich and the poor simultaneously but only ever benefiting the already wealthy. It’s the weakest form of leadership imaginable.
What do you think would be a reasonable additional step at this point?
Capital gain not implemented completely after 10 years you will get all the profit
Immigration is stopped because of Covid not because of Govt policy, it will open soon, no policy to curb it. There is a saying "if you can't feed don't breed".
Interest rates are super low
Rent tax change is not implemented fully
Increase tax on Rental income
Stop Interest-Only Home Loan
OEDC suggest stopping kiwisaver withdrawal for FHB
Hefty handouts by govt to pay rents, in form of a rent subsidy
The list will go on and on but no one will take action because the agenda is to take the property market to moon and never come back
Of those, one I like is that you can shift to an interest only loan but once you are on an interest only loan you cannot take further interest only loans.
I think you could only stop KiwiSaver withdrawals if you made KiwiSaver compulsory - otherwise that change would hit enrolments.
I think we need to get away from the accommodation supplement but that requires more social housing - this should be a big priority.
"Increase tax on Rental income"
Are you aware that the number of rental listings nationwide is down 8 percent yoy... see my comment below. At the busiest time of the year
Supply and demand then eh...must be time to raise rents another 10% HW2.
Of course that won't feed into the CPI and force central banks to raise rates. So that the financial oppression of non-asset holders can continue.
I know you are jesting I-Obswerver. However in reality have you seen the rental price increases outside of Auckland and Hamilton for 2021 calendar year. Auckland only modestly increased but that is due to the auckland exodus. Its enough to make a renter's eyes water. Is anyone to blame for this mess?
You can generally find the guilty party in any situation by taking an ethical/principled view and see who starts attacking you.
Comprehensive Capital gains tax on anything other than the family home, immediate DTI ratios implemented, clear narrative from the government that they have been elected based upon restoring affordable housing and will take any and all steps necessary to make it so, clear policy announcements around immigration and population growth i.e. what is manageable and sustainable for our country its infrastructure and housing stock, no further flip/flop announcements to please everyone that we want both affordable housing and house prices to keep gradually rising (the hypocrite character of current government).
How about building lots of housing themselves, as they promised (and as OECD recommends(. Their net result last year in Auckland was a paltry hundred or so houses!!!!
What has happened to the very large housing scheme on the Unitec site that they themselves were hyping up 4 years ago???????
They are friggin useless.
We are at max building capacity right now so it doesn’t matter.
But it is important the government puts a backstop on any reduction in building. They should be in discussion with major players assuring them that if activity drops the govt will increase it’s building programme.
Be a good time to partner HNZ with a training / apprenticeship provider. One useful service the Ministry of Works used to provide was a smoothing of the supply of skilled builders (and other skills) to the market through any downturns.
Loopholes in BLT.
Check with any accountant unless one has too many houses.
You can't taper a Ponzi https://www.newsroom.co.nz/a-greedy-actor-behind-our-housing-market
Untrue. Other actions can be taken.
1. Tax equity release for a deposit as income. Level the playing field between FHB and investors.
2. Stop interest-only loans.
For starters.
Can you detail "good times" ..what are these exactly while I try and get my head around your post?
To save me time have you read the 4th turning by Strauss/Howe? If not google search and you will see the cycle. We're in the 'crisis' part of the cycle due to poor leadership that occurs because of the good times that the current generation in power experienced when they were younger - and failed to realise it only happened that way because of the sacrifises made by the generation above them...then they wonder why society turns to custard by not making the same sacrifices themselves Their children then suffer through the crisis as young adults (what is happening now) and spend the rest of their adult lives turning society around in order to restore social order so that future generations can once again live happily in a stable society.
This from Grant Robertson helps drive the FOMO and speculation. Because the impression grows that the government and Reserve Bank will bail out the property market again if hard times look possible. Thus folk need to rush to buy because otherwise they'll miss out for a decade.
The conduct of our politicians, advisors and bureaucrats over the last 20 years is nigh on criminally negligent when it comes to housing. No surprise so many of them have had so much of their wealth in investment property.
I don’t understand how prices could rise in these conditions, especially in areas in Auckland where there is significant new supply.
The only rational explanation is a low number of sales and distortion of the average with a drop off in low value sales.
The market has been in frenzy mode (Thanks to our PM's "she would like to see housing price increases every year" to back up housing ponzi), it will take some more bigger OCR hikes to see some real impacts.
People with money are desperately looking for yield (any percent) and hedge against inflation. They can pay any price for a house, no need for a mortgage.
This point seems to get overlooked and ignored by many.
People believe the govt and Reserve Bank will always support property prices so are rushing not to be on the wrong side of the welfare scheme.
Very suprising. We have been talking to agents about listing our place in Waitakere as we are thinking of moving north to be closer to my partner's family. They have all been saying that the market for houses is still ticking over and we should be able to realise our expectations. I asked them about whether the record amount of listings and new lending rules were having a dampening effect and they said not nearly as much as the media is portraying. I thought it was all REA spin. However, despite an apparent record number of listings, it doesn't seem like there are half as many places for sale in my area compared to a year ago. One thing I noticed is that there seem to be a huge number of units for sale off the plans listed at the moment. I wonder if this is skewing the statistics. I still think that housing is overvalued but perhaps we are not yet experiencing the correction that a lot of recent articles suggest is already happening.
Based on how house market is heading at the moment. There is so much room to hike OCR without hurting economy. Orr needs to do bigger hikes like 0.5 bps to curb the inflation. There is no more excuses for him. Don't use these kinds of "uncertainty" "transitional" "housing as financial stability" excuses, it is certain that Covid is going to stay for a while. Orr is not going to convince anyone by these. He just needs to do his job and fulfill his creditability to stay ahead the curve not behind. Don't stay behind the banks and let the banks do his job.
Young Kiwis, leave the country as soon as you can. You have no hope here.
Does anyone else find those OECD statistics about our rental market alarming!? Embarrassing to be honest
2022 will push the market upward by 20% by looking at Jan figures, hope labour and RBNZ will help to make it possible again, every property owner will become a multi-millionaire in NZ by end of their term.
Great work by Jacinda and Orr. We need labour again in 2023 this rally shouldn't stop ever.
Jacinda is a top choice in recent polls, so we have great leadership.
Cost of new builds are still increasing at a decent rate albeit not at 25% year on year.
It appears that rumours of a "soft landing" and "gentle plateau" have been greatly overstated. Foot to the floor until economic disaster strikes. The higher they go the bigger the eventual bang is going to be.
Great... housing in 2022 is proving very "resilient". Brock just one question, is the bang as you put it, only in NZ or is it worldwide.
I would expect New Zealand housing to be worse affected by the next global downturn due to its much more extreme divergence from economic fundamentals.
I also expect inflation to be deliberately run very high in an attempt to de-risk the powder keg and the kiwi dollar will be dumped accordingly.
"The next global downturn" Wtf?!
What is it that you don't understand?
I would have to ask you that question Brock... you make these claims but it is clearly not something you are factoring into your own investing. Anyone taking such a position seriously wouldn't be buying home(s) in australia. Gee, you win the troll award.
Please explain your reasoning further?
You should be doing some explaining yourself Brock.
He cant see the polar opposites of his own position
What's the beef?
What is it that you would like explained? Serious question.
Personally Brock I do not live fearing "the next global downturn". But you are welcome to beat the drum loudly if you wish. It is great that you have bought a home in australia, perhaps you could go over there and get in their faces.
That's a cool story, good for you. The first-time buyer faced with leveraging into the bubble, on the other hand, would be right to be terrified.
I thought you brought up Australia because you had something useful to discuss?
If you aren't living in fear, why are you lashing out at those who hold opinions that upset you? You are a grown adult right?
HW2, are you reckoning the application of money printing and ever larger debt to keep assets inflated can simply keep going forever?
Rentals nationwide down 8 percent yoy from 10200 to 9400. Auckland is up 300 ie 6 percent yoy due to the exodus.
Commercial for sale listings down roughly 16 percent yoy from 2500 to 2100. Also Auckland down 11 percent
Signs of a strong demand
these figures are always a few months behind the R.E.I.N.Z data since they are based on when the house changes hands and the values go to the councils. good for exciting the spruikers.
I didn’t know this. Seems a very important point. So where do REINZ get their data from?
Sales versus settlements.
Cherry picking statistics is the way to keep the clicks rolling in.
This data is useless. Approx 2-3 months old, so really we're looking at November 21, in Februrary 22.
Important point!
Glad someone's onto it.
"Prices Flattening" - interest.co.nz
"Buyer's Market" - Tony Alexander
"New Record Prices" - HPI Index
What's going on? How can the indicators be so confused
CoreLogic is looking at the past 3 months
The housing wave is about to hit the rocks somehow it has pulled in the last group of people with FOMO these people or investors will be the ones holding largest debt.I guess a number of them would have seen rates going up so have fixed mortgage for long term. This could be a big gamble as house prices will tumble over next few months as interest rates actually raise.the price fall will just be from higher place. I am a little surprised that the market has managed to have enough momentum to continue for another month.
I'm no longer surprised by the continued price rises in the housing market. We now have rampant inflation, the cost of everything is going up and up. Until interest rates rise significantly and inflation is brought under control, house prices will just keep on going up. The RBNZ is way to slow in its response time and I think its deliberate. Expect prices to keep on going over summer and if we get some big rates rises this should flatten the market in May. House prices should be seen YOY so expect some falls in the winter but still growth for the year.
People look at the RBNZ and suspect they are avoiding rates rises to protect housing, indeed...and worry that they and the government will always try to keep housing up. Contributes to FOMO.
I've been in property since '90. Haven't sold anything since '98
Cannot see any evidence of a coming slump, the variables and momentum are still very strong. Always keep one eye on Auckland. To see where the rest are going. Remember you're essentially investing in land.
"Be quick"
I agree you have to look at the dominant factors and thats still interest rates that are to low. The RBNZ dropped its pants at the first sign of Covid and somewhere in between they must have lost them completely.
These headlines should read:
Since last year, future generations are being asked to pay an extra $292,125 on their mortgages to keep existing homeowners feeling happy (this is the extra cost of the average price increase added to a 30 year mortgage at 4.5%)
Older asset owners living off the wealth of younger generations (as well as their forebears). More at 6.
Time to look at the banks, but alas the new credit law is already under attack because... you can't taper a Ponzi https://www.newsroom.co.nz/a-greedy-actor-behind-our-housing-market
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