First home buyers will be ringing their hands in despair but existing home owners and investors will be breaking out the Champagne at the latest red hot housing valuation figures.
The average value of all dwellings throughout New Zealand has increased by $64,941 in the 12 months to the end of November.
According to the CoreLogic House Price Index, the average value of all dwellings has risen to $769,013 in November this year from $704,072 in November last year, giving annual growth of 9.2%.
That's an increase of $1249 a week.
In the Auckland region the average value of dwellings increased from $1,038,477 in November last year to $1,115,955 in November this year, or $77,478 (7.5%) in 12 months.
The biggest increase in Auckland in dollar terms appears to have occurred in Manukau East, which includes suburbs such as Howick and Pakuranga, where the average value has risen from $1,136,387 in November last year to $1,249,379 in November this year, an annual increase of $112,992 (9.9%), or $2173 a week.
The biggest increase in the main centres was in the Wellington region, where the average value rose from $735,507 in November last year to $834,885 in November this year, up by $99,378 (13.5%) in 12 months, or $1911 a week.
Several places recorded annual value growth of more than 20%, all of them rural districts or provincial towns - Rangitikei $27.1%, Clutha 26.7%, Gisborne 26.3%, Kawerau 24.3%, Waitomo 23.0%, South Wairarapa 21.6% and Masterton 20.7%.
Only two places recorded annual declines in average value - MacKenzie District -3.9% and Queenstown-Lakes -1.4%.
But even in Queenstown-Lakes, where property values have been hit by the devastation caused by COVID-19 to the international tourist trade, average values have increased by 5.5% over the last three months and have almost returned to the level they were at 12 months ago.
"Anyone who owns assets like housing are benefiting from the stimulatory monetary policies [of the Reserve Bank], which are lowering interest rates, while the young and those renting are more likely to have seen their income impacted by the pandemic and are less likely to see a wealth benefit from asset appreciation," CoreLogic's report on the HPI figures said.
The table below shows the latest average dwelling values for all districts throughout the country and their percentage movements over three and 12 months.
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| CoreLogic House Price Index | ||||
| November 2020 | ||||
| Territorial authority | Average current value | 12 month change% | 3 month change % | |
| Far North | 509,402 | 7.9% | 4.5% | |
| Whangarei | 610,588 | 12.2% | 5.4% | |
| Kaipara | 621,135 | 10.5% | 3.4% | |
| Auckland - Rodney | 1,018,486 | 8.3% | 3.1% | |
| Rodney - Hibiscus Coast | 989,872 | 7.9% | 2.3% | |
| Rodney - North | 1,046,356 | 8.6% | 3.6% | |
| Auckland - North Shore | 1,276,987 | 6.8% | 4.1% | |
| North Shore - Coastal | 1,460,201 | 6.5% | 4.7% | |
| North Shore - North Harbour | 1,225,549 | 6.4% | 3.7% | |
| North Shore - Onewa | 1,041,435 | 8.3% | 3.9% | |
| Auckland - Waitakere | 892,933 | 9.4% | 4.4% | |
| Auckland - City | 1,311,486 | 6.5% | 4.3% | |
| Auckland City - Central | 1,149,618 | 6.5% | 5.6% | |
| Auckland City - Islands | 1,174,825 | 2.1% | 1.3% | |
| Auckland City - South | 1,178,689 | 7.8% | 4.1% | |
| Auckland_City - East | 1,642,411 | 6.0% | 4.2% | |
| Auckland - Manukau | 978,165 | 9.4% | 3.8% | |
| Manukau - Central | 763,327 | 9.2% | 3.8% | |
| Manukau - East | 1,249,379 | 9.9% | 4.1% | |
| Manukau - North West | 852,498 | 9.3% | 3.6% | |
| Auckland - Papakura | 761,679 | 7.9% | 3.4% | |
| Auckland - Franklin | 726,236 | 7.6% | 2.9% | |
| Thames Coromandel | 843,159 | 8.6% | 4.5% | |
| Hauraki | 496,619 | 12.1% | 8.6% | |
| Waikato | 542,330 | 8.4% | 2.6% | |
| Matamata Piako | 526,710 | 7.3% | -0.4% | |
| Hamilton | 659,613 | 10.5% | 2.6% | |
| Hamilton - Central & North West | 607,212 | 9.8% | 2.3% | |
| Hamilton - North East | 813,187 | 9.7% | 4.8% | |
| Hamilton - South East | 611,685 | 11.3% | 1.3% | |
| Hamilton - South West | 598,805 | 12.1% | 3.6% | |
| Waipa | 666,212 | 10.5% | 2.5% | |
| South Waikato | 312,692 | 16.8% | -1.0% | |
| Waitomo | 288,132 | 23.0% | 13.1% | |
| Taupo | 601,439 | 9.3% | 2.8% | |
| Western BOP | 741,030 | 10.9% | 5.0% | |
| Tauranga | 820,424 | 7.9% | 2.9% | |
| Rotorua | 571,133 | 15.8% | 6.3% | |
| Whakatane | 529,337 | 6.2% | 0.3% | |
| Kawerau | 316,678 | 24.3% | 1.3% | |
| Opotiki | 388,805 | 16.3% | 7.0% | |
| Gisborne | 496,990 | 26.3% | 14.6% | |
| Wairoa | 277,021 | 18.5% | 11.4% | |
| Hastings | 627,649 | 13.0% | 5.7% | |
| Napier | 636,257 | 10.6% | 3.2% | |
| Central Hawkes Bay | 448,810 | 17.2% | 3.9% | |
| New Plymouth | 543,807 | 11.1% | 5.7% | |
| Stratford | 352,642 | 14.0% | 0.0% | |
| South Taranaki | 308,368 | 17.1% | 8.3% | |
| Ruapehu | 286,518 | 13.8% | 6.8% | |
| Whanganui | 392,430 | 18.6% | 6.2% | |
| Rangitikei | 339,222 | 27.1% | 6.1% | |
| Manawatu | 504,391 | 16.8% | 6.2% | |
| Palmerston North | 562,723 | 18.1% | 7.9% | |
| Tararua | 298,681 | 16.6% | 1.1% | |
| Horowhenua | 468,067 | 17.7% | 5.2% | |
| Kapiti Coast | 712,509 | 13.3% | 6.0% | |
| Porirua | 753,479 | 19.0% | 8.9% | |
| Upper Hutt | 691,366 | 17.4% | 6.2% | |
| Hutt | 722,747 | 15.0% | 4.9% | |
| Wellington City | 943,804 | 11.4% | 5.6% | |
| Wellington - Central & South | 917,042 | 8.7% | 3.4% | |
| Wellington - East | 1,039,036 | 15.4% | 9.3% | |
| Wellington - North | 872,260 | 12.6% | 6.0% | |
| Wellington - West | 1,091,543 | 12.9% | 8.8% | |
| Masterton | 486,544 | 20.7% | 9.7% | |
| Carterton | 517,325 | 11.4% | 5.0% | |
| South Wairarapa | 665,592 | 21.6% | 17.5% | |
| Tasman | 668,836 | 7.9% | 3.0% | |
| Nelson | 681,891 | 6.9% | 3.2% | |
| Marlborough | 565,672 | 15.5% | 7.9% | |
| Kaikoura | 482,823 | 0.8% | 1.2% | |
| Buller | 218,220 | 3.7% | 5.6% | |
| Grey | 235,122 | 5.3% | 0.9% | |
| Westland | 282,711 | 6.1% | 1.2% | |
| Hurunui | 430,553 | 9.1% | 3.8% | |
| Waimakariri | 486,273 | 7.3% | 4.3% | |
| Christchurch | 531,149 | 5.2% | 2.3% | |
| Christchurch - Banks Peninsula | 561,424 | 3.6% | 4.5% | |
| Christchurch - Central & North | 619,065 | 4.2% | 1.8% | |
| Christchurch - East | 403,344 | 5.6% | 2.6% | |
| Christchurch - Hills | 732,886 | 6.5% | 2.9% | |
| Christchurch - Southwest | 504,502 | 5.7% | 2.3% | |
| Selwyn | 581,014 | 4.2% | 1.9% | |
| Ashburton | 390,315 | 7.0% | 2.5% | |
| Timaru | 399,756 | 6.3% | 2.3% | |
| MacKenzie | 561,613 | -3.9% | -4.4% | |
| Waimate | 287,503 | 6.8% | 1.0% | |
| Waitaki | 379,827 | 11.3% | 5.8% | |
| Central Otago | 586,368 | 5.8% | -0.4% | |
| Queenstown Lakes | 1,190,592 | -1.4% | 5.5% | |
| Dunedin | 571,552 | 13.1% | 4.8% | |
| Dunedin - Central & North | 585,120 | 11.9% | 5.8% | |
| Dunedin - Peninsular & Coastal | 520,863 | 10.7% | 1.7% | |
| Dunedin - South | 551,320 | 14.9% | 6.3% | |
| Dunedin - Taieri | 593,608 | 13.3% | 3.1% | |
| Clutha | 313,212 | 26.7% | 5.1% | |
| Southland | 359,385 | 5.8% | -4.3% | |
| Gore | 288,202 | 12.6% | 0.6% | |
| Invercargill | 370,216 | 9.8% | 2.0% | |
| Auckland Region | 1,115,955 | 7.5% | 4.0% | |
| Main Urban Areas | 877,518 | 8.7% | 4.1% | |
| Wellington Region | 834,885 | 13.5% | 5.8% | |
| Total NZ | 769,013 | 9.2% | 4.2% | |
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