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 |
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| 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% |
No chart with that title exists.
19 Comments
..happened several months ago. I've seen the Go Bus tours from Auck doing the for sale rounds. One would think that the depressing rural scene in the likes of Ham would have an effect, but i suspect we won't see it until home owners are forced to sell due to job losses. At the moment we have a hold and sit scenario.... few have the confidence or cash to trade up, thus little on the market and good prices (crazy I'd say) when they do come on.
The one thing that Wellington has that Auckland does is actual industry not just head offices and a real estate industry involved in selling properties back and forth to each other and offshore. Think Weta Workshops, Wingnut films, Xero, Trademe and CricHQ amongst others. Given Wellington has the highest average wage in the country, property values may be propped up by more than just offshore cash and hot air.
Wellington records NZ's highest average salary – over $82,000 last year
Location Average December 2014 salary package % growth from January
Auckland $78,414 7%
National average $76,538 7%
Canterbury $74,731 8%
Taranaki $72,664 -9%
Well... there is no housing problem in Auckland, there are no overseas investors buying and no speculation. There is no people that are buying and selling in months due to 'change in circumstances' ...
So it must be the migration .... yes it must be the migration. Every migrant from Philippines or India has $500.000 cash + $150.000 job to get a mortgage of $500.000 to buy a house in Auckland and push the price up....
migrants are often the overseas investor or the proxy - a student funneling daddies political graft through a NZ bank account.
Also you see a lot of overseas investors turning a house into a 3rd World squat for migrant workers of the same ethnicity.
But hey multiculturalism and diversity are vibrant and enriching, right?
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