Average national residential property values increased 1.7% in the three months to the end of August and 6.9% for the 12 months to August, Quotable Value (QV) says.
The average New Zealand home's value is now $479,967.
Around the main centres, the average Auckland home's value increased by 1.8% to $726,627 over the three months to the end of August, in Wellington it declined 0.5% to $449,838 and in Christchurch it was up 1.1% to $462,086 (see table below for average dwelling values throughout the country).
However the rate of value growth is slowing.
"Since September last year the growth rate of New Zealand residential property values has been slowing and this trend has continued over the past month," QV spokesperson Andrea Rush said.
"Home values in Auckland, Christchurch and Tauranga are still increasing but at a slower rate than this time last year.
"Hamilton and Dunedin home values have decreased slightly and Wellington values are continuing to show the downward trend seen over the past few months.
"Sales volumes and home loan approvals are down year on year and interest rate rises, LVR restrictions and the upcoming election appear to be keeping the number of homes on the market low as well," she said.
See below for average homes values throughout the country.
| Average Current Value $ | % Change over 3 months | |
| Whangarei | 337,977 | 2.2 |
| Rodney | 685,473 | 2.7 |
| North Shore | 857,990 | 1.0 |
| Waitakere | 567,678 | 1.8 |
| Central Auckland | 857,341 | 1.7 |
| Manukau | 604,852 | 2.1 |
| Papakura | 435,731 | 1.1 |
| Franklin | 468,233 | 0.2 |
| Hamilton | 363,243 | -0.2 |
| Taupo | 333,029 | -3.7 |
| Tauranga | 454,167 | 0.8 |
| Rotorua | 271,188 | -0.8 |
| Whakatane | 294,950 | 0.3 |
| Gisborne | 230,808 | 0.6 |
| Hastings | 294,662 | -2.3 |
| Napier | 324,820 | 0.0 |
| New Plymouth | 349,566 | -0.3 |
| Stratford | 203,462 | 2.7 |
| Wanganui | 178,428 | -1.6 |
| Palmerston North | 284,130 | -0.9 |
| Kapiti Coast | 372,688 | -0.7 |
| Porirua | 372,969 | -0.3 |
| Hutt Valley | 368,344 | -2.1 |
| Wellington - Central & South | 543,169 | -0.5 |
| Wellington - East | 574,925 | 0.0 |
| Wellington - North | 471,219 | 0.0 |
| Wellington - West | 606,772 | -1.0 |
| Masterton | 239,799 | 2.2 |
| Nelson | 402,701 | 0.3 |
| Marlborough | 402,701 | 0.3 |
| Grey District | 214,594 | -5.1 |
| Christchurch - East | 343,957 | 0.1 |
| Christchurch - Hills | 623,448 | -0.4 |
| Christchurch - Central & North | 540,843 | 1.0 |
| Christchurch - Southwest | 443,648 | 1.7 |
| Ashburton | 315,670 | -1.6 |
| Timaru | 281,954 | 0.1 |
| Queenstown Lakes | 667,584 | -0.2 |
| Dunedin - Central & North | 296,610 | -0.1 |
| Dunedin - Peninsula & Coastal | 265,138 | -1.4 |
| Dunedin - South | 279,804 | -0.3 |
| Dunedin -Taieri | 299,251 | -0.2 |
| Invercargill | 205,252 | -2.1 |
| Total Auckland Area | 726,627 | 1.8 |
| Total Wellington Area | 449,838 | -0.5 |
| Total Christchurch | 462,086 | 1.1 |
| Total NZ | 479,967 | 1.7 |
Here's QV's full press release.
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5 Comments
If they think that there is a slowing trend they're dreamin . As long as we have the immigration floodgates fully opened , there will be constant pressure on accomodation with demand exceeding supply .
And given the Chinese methods used to raise finance offshore , the 30% of income , cost to income ratio applicable to Kiwi homebuyers is a useless method of affordability .
QV data is recorded at settlement. REINZ data is recorded when a sale goes unconditional. QV data covers 3 months and will be reflecting sales that may have gone unconditional between April and July.
REINZ data is monthly and provides noisier but more timely data. The data is also stratafied. REINZ data (to July) shows declining average prices from April.
REINZ data for August due out next week will give a better guide to where average house prices are currently (as opposed to QV where they were 2-4 months ago).
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