The average value of homes throughout the country increased by 7.1% in the 12 months to the end of April, according to Quotable Value (QV).
According to the QV House Price Index, the average value of New Zealand homes was $735,979 at the end of April, up 7.1% year-on-year, and up 3.0% over the past three months.
Around the major centres the average home's value in Auckland was $1,079,815 at the end of April, up 4.5% on a year earlier, the Wellington region had an average value of $785,445 +11.2%, and in Christchurch the average value was $516,677, +3.7%.
The area with the highest average values in the country is Auckland's coastal North Shore, where the average value was $1,427,966, up 4.7% on a year ago.
The least expensive area was Waitomo in the central North Island where the average value was $247,357, up 8.3% for the year - see the table below for the full regional and district values.
A lagging indicator
However QV general manager David Nagel warned that the figures were unlikely to reflect the changes that have occurred in the market since the COVID-19 lockdown began, and that they may not provide a good guide to property values in the future.
That because's QV's House Price Index is a lagging indicator, based on three month rolling averages.
That means the sales information used to update the April average value data related to prices that were agreed in the period from February to April.
"The data shows the property market was continuing perform strongly throughout early-mid March, with all 16 of the major cities we monitor once again showing positive quarterly value, indicating strength right across the country," Nagel said.
"But with sales volumes for April being down 80-90% on normal April activity, the data is skewed towards the earlier stages of the three month period, where sales volumes were high," he said.
A lack of reliable data meant people were having to take a guess on where prices and values might be headed.
"For the last few weeks we've all been guessing what the likely impacts of COVID-19 would be on the property market," Nagel said.
"But the truth is we've all been guessing as we've got no data to help us.
"This is new territory for all of us.
"From the limited sales activity that occurred in April, most appears to involve properties listed prior to lockdown.
"Many would have had the benefit of open homes and viewings under pre-lockdown conditions.
"We've seen very few new listings as people take a wait-and-see approach as we try and find the new normal.
"What happens to house prices beyond this point will be determined by market forces and the change in supply and demand.
"New Zealand's response to the pandemic has so far been positive relative to international standards and this augurs well for a reduced impact on house prices.
"Economic strength and employment levels have strong links with the housing market, so much will depend on the depth of any subsequent recession and the speed of economic recovery.
"Transaction volumes are likely to remain just a fraction of pre-lockdown levels.
"We can expect a market filled with uncertainty at least through the end of 2020 as the economy finds it feet again," Nagel said.
You can read QV's full report for April here.
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| QV House Price Index | ||||
| April 2020 | ||||
| Territorial authority | Average current value $ | 12 month change % | 3 month change % | |
| Auckland Region | 1,079,815 | 4.5% | 2.9% | |
| Main Urban Areas | 842,862 | 6.4% | 2.9% | |
| Wellington Region | 785,445 | 11.2% | 3.9% | |
| Far North | 487,383 | 9.1% | 0.2% | |
| Whangarei | 574,760 | 5.9% | 3.0% | |
| Kaipara | 581,545 | 8.5% | 4.5% | |
| Auckland - Rodney | 983,642 | 4.3% | 2.3% | |
| Rodney - Hibiscus Coast | 959,901 | 4.7% | 1.8% | |
| Rodney - North | 1,006,866 | 3.9% | 2.5% | |
| Auckland - North Shore | 1,249,968 | 5.0% | 4.5% | |
| North Shore - Coastal | 1,427,966 | 4.7% | 4.6% | |
| North Shore - North Harbour | 1,209,533 | 5.7% | 4.5% | |
| North Shore - Onewa | 1,010,779 | 5.5% | 4.4% | |
| Auckland - Waitakere | 846,149 | 3.6% | 2.2% | |
| Auckland - City | 1,279,564 | 5.2% | 2.7% | |
| Auckland City - Central | 1,122,648 | 4.8% | 2.8% | |
| Auckland City - Islands | 1,154,132 | 2.4% | -1.5% | |
| Auckland City - South | 1,140,498 | 6.0% | 2.6% | |
| Auckland_City - East | 1,610,556 | 5.0% | 3.2% | |
| Auckland - Manukau | 929,377 | 3.9% | 2.5% | |
| Manukau - Central | 718,883 | 3.3% | 2.6% | |
| Manukau - East | 1,187,648 | 4.7% | 2.1% | |
| Manukau - North West | 812,450 | 3.7% | 2.9% | |
| Auckland - Papakura | 724,726 | 4.2% | 1.4% | |
| Auckland - Franklin | 694,195 | 3.4% | 3.2% | |
| Thames Coromandel | 819,625 | 7.6% | 4.3% | |
| Hauraki | 469,362 | 13.1% | 7.7% | |
| Waikato | 523,562 | 7.2% | 0.0% | |
| Matamata Piako | 505,811 | 5.0% | 2.3% | |
| Hamilton | 629,869 | 7.6% | 2.2% | |
| Hamilton - Central & North West | 588,682 | 8.9% | 4.6% | |
| Hamilton - North East | 774,723 | 6.4% | 1.5% | |
| Hamilton - South East | 581,567 | 7.1% | 0.3% | |
| Hamilton - South West | 564,741 | 8.6% | 2.6% | |
| Waipa | 647,741 | 12.5% | 5.7% | |
| Otorohanga | ||||
| South Waikato | 306,858 | 19.5% | 12.5% | |
| Waitomo | 247,357 | 8.3% | 1.1% | |
| Taupo | 563,417 | 7.4% | 2.3% | |
| Western BOP | 709,217 | 8.3% | 3.1% | |
| Tauranga | 774,526 | 4.6% | 0.6% | |
| Rotorua | 503,410 | 5.1% | 0.6% | |
| Whakatane | 515,539 | 7.5% | 2.2% | |
| Kawerau | 291,068 | 16.0% | -2.0% | |
| Opotiki | 375,170 | 17.0% | 8.6% | |
| Gisborne | 434,701 | 23.6% | 6.8% | |
| Wairoa | ||||
| Hastings | 588,462 | 15.2% | 4.9% | |
| Napier | 609,638 | 9.7% | 4.6% | |
| Central Hawkes Bay | 402,404 | 3.3% | 0.7% | |
| New Plymouth | 510,328 | 9.9% | 2.6% | |
| Stratford | 330,575 | 19.0% | 4.7% | |
| South Taranaki | 285,669 | 19.0% | 7.8% | |
| Ruapehu | 249,931 | 16.2% | 0.4% | |
| Whanganui | 367,740 | 32.8% | 8.5% | |
| Rangitikei | 285,676 | 24.2% | 3.1% | |
| Manawatu | 463,696 | 21.9% | 3.3% | |
| Palmerston North | 507,209 | 15.6% | 3.6% | |
| Tararua | 273,137 | 18.3% | 4.8% | |
| Horowhenua | 441,308 | 20.0% | 7.0% | |
| Kapiti Coast | 664,737 | 11.6% | 3.7% | |
| Porirua | 690,672 | 15.6% | 4.7% | |
| Upper Hutt | 629,935 | 14.8% | 2.9% | |
| Lower Hutt | 682,783 | 17.7% | 4.9% | |
| Wellington City | 895,033 | 7.6% | 3.5% | |
| Wellington - Central & South | 881,142 | 6.4% | 1.8% | |
| Wellington - East | 963,769 | 8.6% | 4.8% | |
| Wellington - North | 821,671 | 7.8% | 4.3% | |
| Wellington - West | 1,023,143 | 9.2% | 3.8% | |
| Masterton | 426,634 | 12.0% | 4.0% | |
| Carterton | 478,653 | 10.2% | 6.5% | |
| South Wairarapa | 586,819 | 14.7% | 8.0% | |
| Tasman | 636,057 | 6.3% | 2.5% | |
| Nelson | 659,527 | 6.1% | 1.4% | |
| Marlborough | 516,179 | 7.5% | 2.0% | |
| Kaikoura | ||||
| Buller | 214,118 | 13.7% | 3.0% | |
| Grey | 230,539 | 5.8% | 1.6% | |
| Westland | 268,385 | 4.8% | 0.0% | |
| Hurunui | 409,572 | 4.9% | 0.8% | |
| Waimakariri | 462,600 | 3.2% | 1.1% | |
| Christchurch | 516,677 | 3.7% | 1.2% | |
| Christchurch - Banks Peninsula | 555,509 | 9.5% | 2.3% | |
| Christchurch - Central & North | 602,962 | 2.6% | 1.0% | |
| Christchurch - East | 392,071 | 4.1% | 1.0% | |
| Christchurch - Hills | 708,053 | 2.7% | 0.6% | |
| Christchurch - Southwest | 491,749 | 4.3% | 1.8% | |
| Selwyn | 564,573 | 2.0% | 1.0% | |
| Ashburton | 373,000 | 5.2% | 2.0% | |
| Timaru | 386,717 | 3.9% | 0.7% | |
| MacKenzie | 601,548 | 16.7% | 7.9% | |
| Waimate | 290,279 | 18.2% | 0.5% | |
| Waitaki | 361,503 | 12.6% | 5.8% | |
| Central Otago | 593,531 | 15.0% | 4.2% | |
| Queenstown Lakes | 1,216,711 | 1.9% | 1.1% | |
| Dunedin | 552,297 | 20.7% | 4.8% | |
| Dunedin - Central & North | 566,464 | 19.5% | 3.9% | |
| Dunedin - Peninsular & Coastal | 498,506 | 21.0% | 2.1% | |
| Dunedin - South | 536,875 | 20.9% | 6.4% | |
| Dunedin - Taieri | 573,075 | 21.4% | 5.6% | |
| Clutha | 269,093 | 16.3% | -0.3% | |
| Southland | 355,173 | 13.0% | 2.5% | |
| Gore | 279,637 | 20.3% | 6.7% | |
| Invercargill | 354,981 | 20.6% | 8.6% | |
| Total NZ | 735,979 | 7.1% | 3.0% | |
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