Average dwelling values are continuing to rise across the country but at a much slower rate than previously.
According to Quotable Value (QV), the average value of all developed residential properties in the country was $697,204 at the end of October, up 2.8% compared to October last year.
But that growth is almost half what it was 12 months ago, when the average value was up 5.4% on a year earlier.
And Auckland still lags the rest of the country with the average dwelling value in the region sitting at $1,031,447 in October, down 1.5% compared to October last year.
The average values in most Auckland districts are still below where they were 12 months ago, with the biggest decline occurring in North Harbour -4.3%, Gulf Islands -2.8% and Onewa -2.2%.
The three Auckland districts that went against the trend and showed growth in average values compared to a year ago were North West Manukau +0.1%, Papakura +0.3% and Franklin +0.6%.
In other main centres Wellington showed strong value growth with average annual growth of 6.4%, but that was down from 10.2% a year ago.
However the annual rate of value growth in Christchurch has doubled over the last 12 months, rising from 0.7% in October last year to 1.4% in October this year.
But Dunedin was the star of the main centres with average annual growth there rising from 10.5% in October last year to 14.7% in October this year. (The chart below gives average values and their percentage change over three and 12 months in all districts).
"The residential markets in all our main cities have shown value growth over the last three months, with this largely attributed to the recent reduction in interest rates by the major banks," QV General Manager David Nagel said.
"As we head towards summer, all eyes will be on the RBNZ to see what happens with LVRs in their November announcements.
"With many economists also predicting further cuts to the OCR in November, the property market could be in for a late spring surge as we head into summer."
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| QV House Price Index | |||
| October 2019 | |||
| Territorial authority | Average current value $ | 12 month change% | 3 month change % |
| Auckland Region | 1,031,447 | -1.5% | 0.6% |
| Wellington Region | 730,019 | 6.4% | 2.4% |
| Main Urban Areas | 799,748 | 1.4% | 1.3% |
| Total NZ | 697,204 | 2.8% | 1.4% |
| Far North | 469,203 | 7.6% | 1.4% |
| Whangarei | 545,547 | -1.4% | -0.4% |
| Kaipara | 556,109 | 2.2% | 0.4% |
| Auckland - Rodney | 934,994 | -0.6% | -0.3% |
| Rodney - Hibiscus Coast | 912,204 | -0.8% | -0.6% |
| Rodney - North | 958,046 | -0.5% | -0.1% |
| Auckland - North Shore | 1,189,357 | -2.2% | 1.5% |
| North Shore - Coastal | 1,373,299 | -1.1% | 2.7% |
| North Shore - Onewa | 952,140 | -2.6% | 1.3% |
| North Shore - North Harbour | 1,132,290 | -4.3% | -1.1% |
| Auckland - Waitakere | 812,691 | -1.9% | 0.4% |
| Auckland - City | 1,216,417 | -1.2% | 0.5% |
| Auckland City - Central | 1,070,797 | -0.8% | 2.1% |
| Auckland_City - East | 1,530,015 | -1.3% | -0.4% |
| Auckland City - South | 1,080,395 | -1.3% | 0.6% |
| Auckland City - Islands | 1,105,653 | -2.8% | -0.7% |
| Auckland - Manukau | 892,729 | -1.1% | 0.4% |
| Manukau - East | 1,136,302 | -1.7% | 0.3% |
| Manukau - Central | 695,703 | -1.0% | 1.3% |
| Manukau - North West | 777,987 | 0.1% | 0.1% |
| Auckland - Papakura | 703,287 | 0.3% | 0.2% |
| Auckland - Franklin | 675,058 | 0.6% | 0.3% |
| Thames Coromandel | 764,214 | 3.2% | 1.1% |
| Hauraki | 431,691 | 6.6% | 2.4% |
| Waikato | 492,217 | 1.2% | 1.0% |
| Matamata Piako | 488,965 | 7.4% | -0.4% |
| Hamilton | 592,125 | 2.9% | 1.2% |
| Hamilton - North East | 738,510 | 1.4% | 1.0% |
| Hamilton - Central & North West | 547,365 | 3.5% | 1.8% |
| Hamilton - South East | 546,324 | 4.9% | 1.5% |
| Hamilton - South West | 527,827 | 2.5% | 0.9% |
| Waipa | 599,687 | 7.0% | 1.9% |
| Otorohanga | 363,937 | 33.6% | -1.7% |
| South Waikato | 263,475 | 7.8% | 2.6% |
| Waitomo | 229,167 | 5.3% | 3.8% |
| Taupo | 552,346 | 14.6% | 5.6% |
| Western BOP | 664,765 | 5.5% | -1.3% |
| Tauranga | 757,521 | 7.0% | 2.6% |
| Rotorua | 491,610 | 13.4% | 4.2% |
| Whakatane | 483,474 | 6.0% | 1.3% |
| Kawerau | 250,012 | 4.1% | -4.3% |
| Opotiki | N/A | N/A | N/A |
| Gisborne | 378,736 | 17.7% | 4.2% |
| Wairoa | N/A | N/A | N/A |
| Hastings | 540,583 | 18.7% | 3.3% |
| Napier | 561,394 | 8.7% | 1.3% |
| Central Hawkes Bay | 386,505 | 10.6% | 2.5% |
| New Plymouth | 481,139 | 6.1% | 3.3% |
| Stratford | 307,306 | 19.8% | 6.8% |
| South Taranaki | 256,035 | 13.2% | 4.4% |
| Ruapehu | 219,289 | 10.4% | -3.6% |
| Whanganui | 319,127 | 15.8% | 3.6% |
| Rangitikei | 252,404 | 6.4% | 5.3% |
| Manawatu | 420,238 | 18.0% | 5.3% |
| Palmerston North | 469,827 | 13.6% | 4.6% |
| Tararua | 242,378 | 13.9% | -0.5% |
| Horowhenua | 388,327 | 15.5% | 3.7% |
| Kapiti Coast | 612,985 | 8.3% | 1.5% |
| Porirua | 628,210 | 8.5% | 1.2% |
| Upper Hutt | 582,840 | 15.2% | 2.6% |
| Hutt | 627,365 | 9.8% | 5.4% |
| Wellington City | 839,618 | 3.6% | 1.5% |
| Wellington - Central & South | 832,590 | 2.7% | 2.0% |
| Wellington - East | 906,098 | 4.3% | 2.3% |
| Wellington - North | 767,543 | 4.5% | 0.8% |
| Wellington - West | 949,005 | 3.0% | 1.5% |
| Masterton | 398,731 | 10.6% | 2.4% |
| Carterton | 458,896 | 16.1% | 5.7% |
| South Wairarapa | 546,586 | 10.7% | 3.4% |
| Tasman | 617,484 | 5.6% | 1.3% |
| Nelson | 632,690 | 7.1% | 1.5% |
| Marlborough | 490,373 | 4.1% | 1.2% |
| Kaikoura | 470,869 | 11.8% | 4.3% |
| Buller | 205,794 | 8.3% | 4.5% |
| Grey | 220,532 | 1.2% | -0.1% |
| Westland | 258,062 | 1.9% | 1.9% |
| Hurunui | 394,888 | 2.4% | -0.1% |
| Waimakariri | 452,641 | 1.6% | 0.5% |
| Christchurch | 499,840 | 1.4% | 0.4% |
| Christchurch - East | 383,469 | 2.5% | 1.6% |
| Christchurch - Hills | 670,072 | 0.8% | -0.6% |
| Christchurch - Central & North | 584,220 | 1.0% | -0.5% |
| Christchurch - Southwest | 475,664 | 1.0% | 0.7% |
| Christchurch - Banks Peninsula | 529,472 | 3.3% | 1.6% |
| Selwyn | 557,062 | 0.6% | -0.3% |
| Ashburton | 361,592 | 2.0% | 1.0% |
| Timaru | 374,001 | 3.2% | 1.7% |
| MacKenzie | 543,174 | 7.9% | 5.3% |
| Waimate | 262,727 | 6.9% | -5.9% |
| Waitaki | 329,735 | 9.2% | 2.8% |
| Central Otago | 543,843 | 6.0% | -0.2% |
| Queenstown Lakes | 1,202,463 | 3.1% | 2.3% |
| Dunedin | 486,395 | 14.7% | 6.0% |
| Dunedin - Central & North | 503,993 | 13.5% | 6.6% |
| Dunedin - Peninsular & Coastal | 449,421 | 16.0% | 7.0% |
| Dunedin - South | 463,353 | 14.4% | 5.7% |
| Dunedin - Taieri | 501,828 | 14.7% | 4.7% |
| Clutha | 243,161 | 8.6% | 2.3% |
| Southland | 324,677 | 15.1% | 1.3% |
| Gore | 251,280 | 9.8% | 4.7% |
| Invercargill | 318,785 | 13.6% | 5.0% |
| Auckland Area | 1,031,447 | -1.5% | 0.6% |
| Wellington Area | 730,019 | 6.4% | 2.4% |
| Main Urban Areas | 799,748 | 1.4% | 1.3% |
| Total NZ | 697,204 | 2.8% | 1.4% |
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