Average residential property values are continuing to rise throughout New Zealand with the national average dwelling value hitting $722,475 at the end of February, according to Quotable Value (QV).
That was up 2.6% compared to three months earlier and up 5.3% compared to a year earlier.
Only six of the 161 districts included in QV's House Price Index showed declines in average property values in the three months to the end of February - Kaipara -0.1%, Taupo -0.1%, Ruapehu -0.5%, Kaikoura -3.7%, Westland -0.3% and MacKenzie -4.8%, and all of those showed growth on an annual basis.
Of the major centres, the strongest growth in the three months to February was in the Wellington Region +5.4%, followed by Dunedin +4.9%, Hamilton +4.3%, Auckland +1.8%, Christchurch +1.5% and Tauranga +1.0%.
However growth in the major centres was overshadowed by the 19.1% growth in Kawerau's average value in the three months to the end of February, making it the district with the fastest growing property values in the country, followed by Opotiki on 8.9% and Rangitikei on 8.7%.
The cheapest housing in the country is in the Buller District on the West Coast of the South Island, where the average dwelling value is $214,280.
The most expensive district is Auckland City East ,which includes high priced waterfront suburbs such as St Heliers and Mission Bay, where the average dwelling value is $1,568,901 (see table below for average values and value changes for all districts).
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| QV House Price Index | |||
| February 2020 | |||
| Territorial authority | Average current value | 12 month change % | 3 month change % |
| Auckland Region | 1,057,556 | 1.2% | 1.8% |
| Wellington Region | 774,957 | 10.8% | 5.4% |
| Main Urban Areas | 827,375 | 4.3% | 2.5% |
| Far North | 487,568 | 8.7% | 3.3% |
| Whangarei | 562,160 | 3.8% | 3.3% |
| Kaipara | 561,780 | 3.5% | -0.1% |
| Auckland - Rodney | 963,732 | 0.4% | 2.5% |
| Rodney - Hibiscus Coast | 942,374 | 1.2% | 2.7% |
| Rodney - North | 985,870 | -0.3% | 2.3% |
| Auckland - North Shore | 1,213,477 | 0.6% | 1.5% |
| North Shore - Coastal | 1,381,158 | 0.9% | 0.7% |
| North Shore - Onewa | 976,727 | 1.0% | 1.6% |
| North Shore - North Harbour | 1,190,896 | -1.1% | 3.4% |
| Auckland - Waitakere | 832,615 | 1.7% | 2.0% |
| Auckland - City | 1,253,165 | 1.7% | 1.8% |
| Auckland City - Central | 1,095,984 | 1.9% | 1.5% |
| Auckland_City - East | 1,568,901 | 0.8% | 1.3% |
| Auckland City - South | 1,120,744 | 2.2% | 2.5% |
| Auckland City - Islands | 1,180,643 | 4.0% | 2.6% |
| Auckland - Manukau | 912,968 | 1.8% | 2.1% |
| Manukau - East | 1,176,410 | 3.0% | 3.5% |
| Manukau - Central | 701,137 | 0.3% | 0.3% |
| Manukau - North West | 794,218 | 2.1% | 1.8% |
| Auckland - Papakura | 716,911 | 2.9% | 1.5% |
| Auckland - Franklin | 682,072 | 1.2% | 1.1% |
| Thames Coromandel | 787,277 | 4.3% | 1.4% |
| Hauraki | 446,645 | 7.1% | 0.9% |
| Waikato | 536,503 | 10.1% | 7.3% |
| Matamata Piako | 501,567 | 4.6% | 2.2% |
| Hamilton | 622,492 | 7.3% | 4.3% |
| Hamilton - North East | 763,336 | 5.6% | 2.9% |
| Hamilton - Central & North West | 582,271 | 8.4% | 5.3% |
| Hamilton - South East | 578,533 | 8.1% | 5.3% |
| Hamilton - South West | 556,965 | 7.6% | 4.3% |
| Waipa | 626,088 | 10.6% | 3.8% |
| South Waikato | 278,829 | 9.9% | 4.1% |
| Waitomo | 237,530 | 8.5% | 1.4% |
| Taupo | 549,672 | 7.4% | -0.1% |
| Western BOP | 688,713 | 5.6% | 3.1% |
| Tauranga | 768,178 | 5.9% | 1.0% |
| Rotorua | 517,776 | 13.3% | 5.0% |
| Whakatane | 511,812 | 10.2% | 2.7% |
| Kawerau | 303,353 | 24.1% | 19.1% |
| Opotiki | 364,075 | 18.5% | 8.9% |
| Gisborne | 416,854 | 24.9% | 5.9% |
| Wairoa | N/A | N/A | N/A |
| Hastings | 567,508 | 11.0% | 2.2% |
| Napier | 587,935 | 7.1% | 2.2% |
| Central Hawkes Bay | 409,270 | 10.1% | 6.9% |
| New Plymouth | 503,922 | 9.9% | 2.9% |
| Stratford | 318,334 | 17.6% | 2.9% |
| South Taranaki | 267,185 | 13.5% | 1.5% |
| Ruapehu | 250,404 | 15.2% | -0.5% |
| Whanganui | 350,379 | 29.1% | 5.9% |
| Rangitikei | 290,104 | 31.9% | 8.7% |
| Manawatu | 454,210 | 25.7% | 5.2% |
| Palmerston North | 500,702 | 15.3% | 5.1% |
| Tararua | 275,485 | 22.7% | 7.6% |
| Horowhenua | 420,196 | 21.1% | 5.7% |
| Kapiti Coast | 651,143 | 11.5% | 3.6% |
| Porirua | 671,851 | 13.7% | 6.1% |
| Upper Hutt | 621,351 | 14.9% | 5.5% |
| Hutt | 667,034 | 16.1% | 6.2% |
| Wellington City | 888,874 | 7.9% | 4.9% |
| Wellington - Central & South | 884,777 | 7.1% | 4.9% |
| Wellington - East | 945,521 | 8.2% | 5.0% |
| Wellington - North | 814,052 | 8.6% | 5.0% |
| Wellington - West | 1,011,862 | 7.9% | 4.6% |
| Masterton | 427,767 | 13.7% | 6.1% |
| Carterton | 471,198 | 13.4% | 1.5% |
| South Wairarapa | 557,341 | 9.3% | 1.8% |
| Tasman | 623,416 | 4.1% | 0.5% |
| Nelson | 653,576 | 6.8% | 2.5% |
| Marlborough | 511,695 | 8.1% | 4.5% |
| Kaikoura | 460,934 | 5.1% | -3.7% |
| Buller | 214,280 | 10.7% | 1.8% |
| Grey | 235,348 | 10.4% | 5.4% |
| Westland | 265,695 | 3.8% | -0.3% |
| Hurunui | 411,184 | 6.3% | 4.2% |
| Waimakariri | 460,525 | 2.3% | 1.6% |
| Christchurch | 512,442 | 3.5% | 1.5% |
| Christchurch - East | 388,460 | 3.6% | 1.7% |
| Christchurch - Hills | 710,817 | 6.8% | 3.3% |
| Christchurch - Central & North | 596,968 | 2.3% | 0.4% |
| Christchurch - Southwest | 487,346 | 3.1% | 2.1% |
| Christchurch - Banks Peninsula | 548,462 | 6.3% | 1.2% |
| Selwyn | 560,945 | 1.2% | 0.6% |
| Ashburton | 366,408 | 2.8% | 0.4% |
| Timaru | 386,100 | 4.8% | 2.7% |
| MacKenzie | 556,196 | 10.6% | -4.8% |
| Waimate | 289,039 | 16.7% | 7.4% |
| Waitaki | 346,655 | 10.0% | 1.6% |
| Central Otago | 577,241 | 10.3% | 4.1% |
| Queenstown Lakes | 1,212,884 | 0.7% | 0.4% |
| Dunedin | 530,264 | 18.1% | 4.9% |
| Dunedin - Central & North | 545,379 | 17.9% | 4.3% |
| Dunedin - Peninsular & Coastal | 493,681 | 21.4% | 5.0% |
| Dunedin - South | 509,435 | 18.7% | 6.2% |
| Dunedin - Taieri | 547,860 | 16.6% | 4.6% |
| Clutha | 256,275 | 17.2% | 3.7% |
| Southland | 353,218 | 15.5% | 4.0% |
| Gore | 267,455 | 13.0% | 4.5% |
| Invercargill | 343,255 | 19.3% | 1.8% |
| Total NZ | 722,475 | 5.3% | 2.6% |
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