It's official, housing values are on the rise again, even in the difficult Auckland market.
The latest data from Quotable Value shows that the average value of residential properties throughout the country was $691,460 in September (based on settled sales in the three months to the end of September) up from $688,760 in August.
Nationally, average values are 0.6% higher than they were three months ago and 2.4% higher than they were 12 months ago.
The rise in values includes the troubled Auckland market which has just been through a difficult winter during which prices in many districts came under downward pressure.
In Auckland the average value was $1,027,392 at the end of September, compared to $1,025,193 at the end of August.
Significantly the rise in values compared to August occurred in all of Auckland's sub-districts from Rodney in the north to Franklin in the south.
In most cases the increase in average values was just a few thousand dollars, but the fact that it occurred across all parts of the city suggest a turn in the Auckland market, even though QV's House Price Index shows that average values in most parts of Auckland are still below where they were three months ago (see table below).
The rise in values was nationwide with all major centres including Hamilton, Tauranga, Wellington, Christchurch and Dunedin showing an increase in average values in September compared to August.
On an annual basis the biggest increases in value were in some of the small rural towns where property prices are still relatively cheap compared to the larger towns, with values up 31.7% in Kawerau compared to 12 months ago, while Otorohanga posted a 26.6% increase and Opotiki a 23% increase.
Average values were also up strongly across the bottom of the South Island, with values in Dunedin rising from between 10.3% and 15.5% depending on the area, while Southland was up 16.5%, although Queenstown-Lakes posted a more modest 1.9% annual gain.
Although average values were up in Christchurch, on an annual basis the gains were very small, ranging from just 0.2% in the central and northern suburbs to 1.3% in the eastern suburbs.
The annual gains in the Wellington region were more impressive, ranging from 4.1% in Wellington City to 15.3% in Upper Hutt.
The table below shows average values in all districts throughout the country and their movement over three and 12 months.
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|QV House Price Index|
|Territorial authority||Average current value $||3 month change %||12 month change %|
|Auckland - Rodney||941,180||-0.3%||-0.9%|
|Rodney - Hibiscus Coast||924,311||0.8%||-0.9%|
|Rodney - North||960,445||-1.0%||-0.8%|
|Auckland - North Shore||1,173,529||-0.3%||-3.5%|
|North Shore - Coastal||1,351,277||0.6%||-2.8%|
|North Shore - Onewa||942,948||-0.2%||-3.8%|
|North Shore - North Harbour||1,123,897||-2.2%||-5.0%|
|Auckland - Waitakere||813,055||-0.1%||-1.4%|
|Auckland - City||1,215,401||0.6%||-1.5%|
|Auckland City - Central||1,070,601||2.3%||0.0%|
|Auckland_City - East||1,533,894||0.1%||-1.9%|
|Auckland City - South||1,076,260||0.3%||-2.1%|
|Auckland City - Islands||1,104,906||-1.0%||0.9%|
|Auckland - Manukau||886,133||-0.4%||-1.3%|
|Manukau - East||1,123,605||-1.0%||-2.5%|
|Manukau - Central||692,679||0.8%||-0.9%|
|Manukau - North West||774,167||-0.3%||0.0%|
|Auckland - Papakura||696,914||-1.8%||-0.4%|
|Auckland - Franklin||671,280||-0.2%||0.2%|
|Hamilton - North East||736,354||0.6%||1.4%|
|Hamilton - Central & North West||541,968||0.4%||2.5%|
|Hamilton - South East||546,079||1.3%||5.9%|
|Hamilton - South West||528,032||1.4%||4.0%|
|Central Hawke's Bay||386,669||-0.6%||14.5%|
|Wellington - Central & South||819,047||0.2%||2.3%|
|Wellington - East||886,365||0.3%||6.2%|
|Wellington - North||762,239||0.4%||5.6%|
|Wellington - West||932,674||-0.9%||3.1%|
|Christchurch - East||378,332||0.1%||1.3%|
|Christchurch - Hills||676,698||-0.3%||0.6%|
|Christchurch - Central & North||581,984||-1.3%||0.2%|
|Christchurch - Southwest||473,674||-0.2%||0.6%|
|Christchurch - Banks Peninsula||518,563||-0.7%||0.4%|
|Dunedin - Central & North||487,675||2.4%||10.3%|
|Dunedin - Peninsular & Coastal||433,217||4.4%||14.5%|
|Dunedin - South||458,864||3.8%||15.5%|
|Dunedin - Taieri||490,069||2.2%||12.2%|
|Main Urban Areas||793,322||0.4%||1.1%|