Average residential property values across the country rose by 9% in the 12 months to May and in Auckland they were up 16.1%, according to the latest figures from Quotable Value (QV).
QV national spokesperson Andrea Rush described the growth in Auckland housing values as "meteoric" and said the average dwelling's value in Auckland had risen by 5.4% to $828,502 in the three months to May.
"National residential property values have risen at their fastest annual rate in 15 months and the Auckland market continues to drive this as it continues its meteoric rise with values in the super city region rising at the fastest annual rate since mid-2004," Rush said.
"The usual winter downturn does not appear to have dampened demand as high net migration, relatively low interest rates and a constrained housing supply continue to fuel demand in the Auckland market.
"This demand is also now spreading to provincial centres nearer Auckland with values up in Tauranga, Hamilton, Cambridge, Pokeno and towns in the Hauraki District," she said.
Within the Auckland Region, housing values increased by between 7.9% (on the Hibiscus Coast) and 20.2% in the southern suburbs of the former Auckland City Council (see table below).
"As yet there has been no obvious impact on the market from the Reserve Bank's proposed changes to deposit requirements for Auckland investment properties or the Government's reclassification to investment property taxes due to be brought in on October 1," Rush said.
In Christchurch, average housing values rose by 3.8% in the year to May and 0.3% in the three months to May.
"The average rate of value increases in Christchurch is continuing to slow which is further evidence that the supply of repaired and newly built homes on the market is now starting to meet demand for homes there," Rush said.
In the Wellington Region, average property values rose by 1.8% in the 12 months to May and declined by 0.1% in the three months to May.
Refer to the table below for average property values in all regions of the country and their changes over the last 12 months.
| QV Value Index - Residential Property | |||||
| May 2015 | |||||
| Territorial authority | Average current value | 12 month change% | 3 month change % | Since 2007 market peak change % | |
| Far North | 303,431 | 1.8% | -0.8% | -23.8% | |
| Whangarei | 350,040 | 3.9% | 2.4% | -11.7% | |
| Kaipara | 343,015 | 3.3% | -0.9% | -13.5% | |
| Auckland - Rodney | 721,948 | 8.1% | 2.8% | 23.1% | |
| Rodney - Hibiscus Coast | 714,506 | 7.9% | 2.2% | 21.6% | |
| Rodney - North | 730,709 | 8.4% | 3.6% | 21.7% | |
| #A | Auckland - North Shore | 973,684 | 14.6% | 5.3% | 50.9% |
| North Shore - Coastal | 1,112,840 | 13.6% | 4.9% | 47.7% | |
| North Shore - Onewa | 788,970 | 17.5% | 5.6% | 59.1% | |
| North Shore - North Harbour | 934,079 | 14.1% | 6.2% | 53.7% | |
| #A | Auckland - Waitakere | 656,880 | 17.8% | 6.4% | 54.9% |
| #A | Auckland - (former) City | 992,227 | 17.7% | 5.7% | 59.4% |
| Auckland City - Central | 856,063 | 12.9% | 5.5% | 50.3% | |
| Auckland_City - East | 1,241,408 | 18.2% | 5.5% | 55.8% | |
| Auckland City - South | 901,031 | 20.2% | 6.2% | 67.4% | |
| Auckland City - Islands | 835,061 | 12.4% | 2.6% | 30.6% | |
| #A | Auckland - Manukau | 689,147 | 16.3% | 5.7% | 50.6% |
| Manukau - East | 905,622 | 14.4% | 5.8% | 51.9% | |
| Manukau - Central | 524,198 | 15.9% | 6.2% | 39.4% | |
| Manukau - North West | 576,699 | 19.2% | 5.2% | 56.1% | |
| #A | Auckland - Papakura | 506,213 | 17.4% | 6.6% | 40.7% |
| Auckland - Franklin | 512,419 | 9.6% | 4.9% | 29.5% | |
| Thames Coromandel | 521,815 | 3.3% | 0.8% | -10.2% | |
| Hauraki | 256,292 | 6.1% | 3.0% | -8.1% | |
| Waikato | 298,444 | 4.5% | 2.3% | -1.4% | |
| Matamata Piako | 284,133 | 5.4% | -0.8% | -2.6% | |
| # | Hamilton | 379,022 | 4.1% | 1.4% | 4.8% |
| Hamilton - North East | 481,512 | 5.0% | 2.3% | 7.1% | |
| Hamilton - Central & North West | 353,866 | 3.7% | 2.2% | -1.1% | |
| Hamilton - South East | 346,792 | 3.7% | -0.2% | -0.8% | |
| Hamilton - South West | 331,976 | 3.5% | 1.5% | -3.0% | |
| Waipa | 356,895 | 5.6% | 1.0% | 8.4% | |
| Otorohanga | N/A | N/A | N/A | N/A | |
| South Waikato | 129,340 | 0.8% | 1.1% | -20.7% | |
| Waitomo | N/A | N/A | N/A | N/A | |
| Taupo | 345,052 | -0.2% | 0.8% | -13.9% | |
| Western BOP | 424,824 | 1.7% | -0.5% | -5.7% | |
| # | Tauranga | 480,727 | 6.7% | 4.1% | -0.2% |
| Rotorua | 276,865 | 1.2% | 1.8% | -5.7% | |
| Whakatane | 299,680 | 1.9% | 0.9% | -13.9% | |
| Kawerau | N/A | N/A | N/A | N/A | |
| Opotiki | 210,985 | 2.7% | 6.5% | -25.8% | |
| Gisborne | 225,390 | -1.8% | -1.2% | -24.2% | |
| Wairoa | N/A | N/A | N/A | N/A | |
| Hastings | 306,993 | 1.8% | 2.4% | -1.5% | |
| # | Napier | 328,921 | 1.3% | -0.2% | -3.3% |
| Central Hawkes Bay | 216,750 | 3.0% | 3.9% | -18.2% | |
| New Plymouth | 358,858 | 2.3% | 1.0% | 8.5% | |
| Stratford | 206,053 | 4.0% | 8.6% | -5.7% | |
| South Taranaki | 183,606 | 2.1% | 0.6% | -7.2% | |
| Ruapehu | 135,777 | 5.3% | 1.9% | -24.7% | |
| Wanganui | 182,228 | 0.5% | 0.9% | -18.7% | |
| Rangitikei | 141,856 | -2.9% | -1.1% | -21.6% | |
| Manawatu | 241,514 | 0.7% | -0.2% | -5.0% | |
| # | Palmerston North | 290,568 | 1.3% | 0.0% | -2.6% |
| Tararua | 152,892 | -1.1% | 2.7% | -13.3% | |
| Horowhenua | 208,338 | 1.3% | 3.7% | -12.4% | |
| Kapiti Coast | 380,809 | 1.5% | 0.3% | -0.6% | |
| #W | Porirua | 382,368 | 2.3% | 1.1% | 0.1% |
| #W | Upper Hutt | 337,317 | 1.5% | 0.4% | -4.0% |
| #W | Hutt | 375,943 | -0.1% | 0.5% | -4.2% |
| #W | Wellington | 545,132 | 1.8% | -0.1% | 2.4% |
| Wellington - Central & South | 552,724 | 1.3% | -0.5% | -1.3% | |
| Wellington - East | 590,776 | 2.8% | -0.2% | 2.5% | |
| Wellington - North | 476,082 | 1.1% | -0.8% | 2.1% | |
| Wellington - West | 628,804 | 2.6% | 1.8% | 3.5% | |
| Masterton | 243,345 | 3.7% | 2.5% | -14.9% | |
| Carterton | 265,722 | 2.1% | -1.6% | -4.6% | |
| South Wairarapa | 305,942 | 2.7% | 2.4% | -9.5% | |
| Tasman | 421,024 | 1.1% | -0.3% | 4.8% | |
| # | Nelson | 412,534 | 2.7% | 1.1% | 7.7% |
| Marlborough | 353,959 | 2.2% | 1.5% | -9.2% | |
| Kaikoura | 356,329 | -2.2% | -0.7% | -17.5% | |
| Buller | 208,731 | -0.8% | 8.2% | 1.6% | |
| Grey | 215,686 | -4.6% | -1.9% | -11.8% | |
| Westland | 225,888 | -2.2% | -2.4% | -5.9% | |
| Hurunui | 348,594 | 2.2% | 2.9% | 11.5% | |
| Waimakariri | 415,972 | 2.7% | 0.1% | 29.9% | |
| # | Christchurch | 474,403 | 3.8% | 0.3% | 25.0% |
| Christchurch - East | 355,382 | 3.4% | 0.5% | 14.8% | |
| Christchurch - Hills | 648,713 | 3.6% | 3.2% | 17.3% | |
| Christchurch - Central & North | 555,931 | 3.9% | 0.2% | 25.6% | |
| Christchurch - Southwest | 453,155 | 3.8% | -0.4% | 33.5% | |
| Christchurch - Banks Peninsula | 484,613 | 6.2% | 0.8% | 0.9% | |
| Selwyn | 520,532 | 5.1% | 0.9% | 39.6% | |
| Ashburton | 328,340 | 2.3% | 0.8% | 17.3% | |
| Timaru | 300,959 | 6.8% | 2.1% | 19.9% | |
| MacKenzie | 307,216 | 5.4% | -2.0% | 7.3% | |
| Waimate | 208,869 | 6.4% | 1.5% | 10.8% | |
| Waitaki | 227,452 | 3.4% | 2.5% | -0.4% | |
| Central Otago | 326,480 | 4.0% | 2.7% | 3.0% | |
| Queenstown Lakes | 717,130 | 7.2% | 1.6% | 4.3% | |
| # | Dunedin | 293,446 | 1.2% | 0.4% | 2.5% |
| Dunedin - Central & North | 302,369 | 1.8% | 0.1% | 0.2% | |
| Dunedin - Peninsular & Coastal | 274,295 | 2.0% | 1.5% | 1.3% | |
| Dunedin - South | 279,328 | -0.5% | 0.5% | -2.2% | |
| Dunedin - Taieri | 305,448 | 1.9% | 0.7% | 3.9% | |
| Clutha | 168,391 | 3.6% | 1.5% | -7.0% | |
| Southland | 210,486 | 1.7% | 1.8% | -8.6% | |
| Gore | 181,757 | 3.4% | -0.7% | 3.4% | |
| # | Invercargill | 208,458 | -0.6% | -0.4% | -5.5% |
| Auckland Area | 828,502 | 16.1% | 5.4% | 51.6% | |
| Wellington Area | 457,908 | 1.3% | 0.1% | 0.5% | |
| # | Main Urban Areas | 610,891 | 11.0% | 3.8% | 33.0% |
| Total NZ | 514,232 | 9.0% | 3.1% | 24.1% | |
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33 Comments
In Greenhithe this home sold for $1.65M last week, http://www.barfoot.co.nz/545794.
It needed a revamp inside as it was pretty dated. Has a shared driveway.
I live around the corner so I would expect my house to fetch maybe $1.4-1.5M, lesser land but no shared driveway.
maybe we need to be doing something like this
http://news.domain.com.au/domain/real-estate-news/tax-office-property-p…
was always going to happen by giving a date in the future for people to get in before rules change.
Joe hockey was just on the news announcing an even tougher crack down on overseas buyers.
maybe if our news ran stories like below this government would act
http://www.smh.com.au/nsw/the-sydney-suburbs-where-minimum-wage-workers…
Fueling our debt binge. It will be reported by the RBNZ later this month but as at 31 March 2015 New Zealanders were more leveraged than at any other time in history.
Kiwi's are preliminary forecast to have 161.6% household debt to nominal disposable income at 31 March. The previous high was in June 2009, just coming from the absolute depth of the crisis, and at 161.2. The rebound is a shame as Kiwi's were able to delever their position by 10.4% by 2012, but all those gains have reversed and then some. Sadly, the household debt trend from March is set to accelerate even further and where it will end up.
I think what most people don't realize is that high household debt, for example NZ and Australia, means relatively benign public debt or surplus. Unlike the public sector, households can get shafted if they can't meet debt obligations. But the govt knows that they have the power to spend massively in the case of an economic strom.
governments and councils can get shafted, they just pass on the pain. In fact that is exactly what cripples a lot of councils, the legacy burden passed on from the year before so they never have real clear ownership, only constant rental to the bank via interest forever.
Australia has a similar 'problem' Why? Stats like "Figures from Federal Treasury show there were 88,000 established homes in Sydney owned by temporary residents as of March 2015." That's 88,000 homes that according to their law HAVE to be sold when the owner leaves the country. But they haven't been....yet....
One day this will lead to civil war. A bit like Hunger games where the poor are relegated to the regions and rich reside in the big mega-cities.
There are very few chances for the poor to move into the cities.
I am talking a long time into the future though, when we have flying cars and stuff.
Queenstown apartment market plunged in 2009, as foreign money left in droves it is recovering now but some places are still selling for 20% below what people paid for them. could it happen again yes why there a big problems in china where the central party officals are visiting banks to force them to lend
http://www.independent.co.uk/news/business/cartier-boss-with-75bn-fortu…
Just what i was saying.
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