The average value of New Zealand residential dwellings increased by 18.4% over the last 12 months, reaching $871,375 in April, according to the CoreLogic House Price Index.
Auckland remains the most expensive housing region in the country with an average value of $1,247,980. That's up 15.6% compared to a year ago.
Only four of the main urban districts within the Auckland region now have average values below $1 million and they are all in South Auckland - Manukau Central $865,833, Manukau North West $944,101, Papakura $857,037 and Franklin $807,295.
Central Auckland's eastern district, which includes coastal suburbs such as Kohimarama and St Heliers, remains the most expensive residential district in the country with an average value of $1,840,372.
That's followed by Coastal North Shore at $1,619,902, and Manukau's eastern suburbs, which include suburbs such as Howick and Mellons Bay, at $1,421,295.
There are only three NZ districts that have average dwelling values below $300,000 - Buller $247,675, Grey District $271,649 and Waitomo $296,725.
Only five districts posted single digit growth in average values over the 12 months to April - Hauraki in the upper North Island at 6.4%, with the others all in the lower South Island - Queenstown-Lakes 6.3%, Southland 9.5%, Central Otago 9.5% and MacKenzie 4.2%.
At the other end of the scale the highest annual value growth occurred in the rural North Island districts of Tararua 43.6%, Rangitikei 42.7% and Ruapehu 38.8%.
CoreLogic said there was some evidence of a slowing in the market in April, with requests for valuations down 11% compared to the previous six months.
"Looking ahead, our expectation for future gains has been tempered, as the profitability of investment property has reduced due to the tax changes around interest deductibility," CoreLogic head of research Nick Goodall said.
"This will likely mean a slowing of the recent growth rate over the next few months, which will give the Reserve Bank some time to assess whether they need to announce any intention to limit interest-only loans or put a cap on high debt-to-income lending."
The table below shows CoreLogic's average dwelling values for all districts and their percentage changes over the last three and 12 months.
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| CoreLogic House Price Index | |||
| Three Months to April 2021 | |||
| District | Average current* value $ | 3 month change % | 12 month change% |
| Far North | 560,696 | 4.1% | 15.0% |
| Whangarei | 708,601 | 11.6% | 23.3% |
| Kaipara | 697,128 | 6.9% | 19.9% |
| Auckland - Rodney | 1,142,991 | 8.1% | 16.2% |
| Rodney - Hibiscus Coast | 1,110,715 | 8.8% | 15.7% |
| Rodney - North | 1,173,420 | 7.5% | 16.5% |
| Auckland - North Shore | 1,420,050 | 6.4% | 13.6% |
| North Shore - Coastal | 1,619,902 | 6.1% | 13.4% |
| North Shore - North Harbour | 1,339,751 | 5.4% | 10.8% |
| North Shore - Onewa | 1,177,733 | 7.6% | 16.5% |
| Auckland - Waitakere | 1,003,580 | 8.2% | 18.6% |
| Auckland - City | 1,466,063 | 7.2% | 14.6% |
| Auckland City - Central | 1,243,298 | 6.1% | 10.7% |
| Auckland City - Islands | 1,363,829 | 9.0% | 18.2% |
| Auckland City - South | 1,336,871 | 7.5% | 17.2% |
| Auckland_City - East | 1,840,372 | 7.4% | 14.3% |
| Auckland - Manukau | 1,099,785 | 7.0% | 18.3% |
| Manukau - Central | 865,833 | 9.0% | 20.4% |
| Manukau - East | 1,421,295 | 7.2% | 19.7% |
| Manukau - North West | 944,101 | 6.2% | 16.2% |
| Auckland - Papakura | 857,037 | 8.7% | 18.3% |
| Auckland - Franklin | 807,295 | 7.1% | 16.3% |
| Thames Coromandel | 980,717 | 8.4% | 19.7% |
| Hauraki | 499,603 | 2.3% | 6.4% |
| Waikato | 619,882 | 8.8% | 18.4% |
| Matamata Piako | 562,663 | 0.9% | 11.2% |
| Hamilton | 759,110 | 9.4% | 20.5% |
| Hamilton - Central & North West | 699,990 | 8.8% | 18.9% |
| Hamilton - North East | 932,159 | 10.0% | 20.3% |
| Hamilton - South East | 689,823 | 6.6% | 18.6% |
| Hamilton - South West | 696,916 | 10.9% | 23.4% |
| Waipa | 748,903 | 7.5% | 15.6% |
| South Waikato | 385,414 | 9.2% | 25.6% |
| Waitomo | 296,725 | 15.9% | 20.0% |
| Taupo | 695,979 | 9.9% | 23.5% |
| Western BOP | 827,301 | 6.1% | 16.6% |
| Tauranga | 921,581 | 3.7% | 19.0% |
| Rotorua | 638,169 | 6.2% | 26.8% |
| Whakatane | 657,560 | 17.6% | 27.5% |
| Kawerau | 374,653 | 15.0% | 28.7% |
| Opotiki | 438,963 | 17.8% | 17.0% |
| Gisborne | 579,361 | 10.0% | 33.3% |
| Wairoa | 350,029 | 32.5% | 36.4% |
| Hastings | 747,743 | 12.7% | 27.1% |
| Napier | 793,098 | 15.9% | 30.1% |
| Central Hawkes Bay | 505,962 | 10.8% | 25.7% |
| New Plymouth | 616,312 | 8.1% | 20.8% |
| Stratford | 423,464 | 13.0% | 28.1% |
| South Taranaki | 371,987 | 15.7% | 30.2% |
| Ruapehu | 346,877 | 12.0% | 38.8% |
| Whanganui | 484,812 | 13.8% | 31.8% |
| Rangitikei | 407,521 | 12.0% | 42.7% |
| Manawatu | 568,994 | 7.3% | 22.7% |
| Palmerston North | 659,430 | 9.9% | 30.0% |
| Tararua | 392,174 | 16.7% | 43.6% |
| Horowhenua | 560,933 | 14.1% | 27.1% |
| Kapiti Coast | 882,246 | 13.1% | 32.7% |
| Porirua | 880,410 | 9.4% | 27.5% |
| Upper Hutt | 818,060 | 12.3% | 29.9% |
| Lower Hutt | 856,569 | 11.2% | 25.5% |
| Wellington City | 1,085,924 | 10.2% | 21.3% |
| Wellington City - Central & South | 1,066,828 | 10.4% | 21.1% |
| Wellington City - East | 1,145,699 | 9.1% | 18.9% |
| Wellington City - North | 1,004,408 | 9.9% | 22.2% |
| Wellington City - West | 1,252,644 | 11.4% | 22.4% |
| Masterton | 578,655 | 7.9% | 35.6% |
| Carterton | 649,787 | 21.3% | 35.8% |
| South Wairarapa | 758,891 | 3.6% | 29.3% |
| Tasman | 746,515 | 10.5% | 17.4% |
| Nelson | 751,991 | 6.0% | 14.0% |
| Marlborough | 678,023 | 16.0% | 31.4% |
| Kaikoura | 524,533 | 1.1% | 13.4% |
| Buller | 247,675 | 5.5% | 15.7% |
| Grey | 271,649 | 9.3% | 17.8% |
| Westland | 321,510 | 9.5% | 19.8% |
| Hurunui | 479,702 | 10.6% | 17.1% |
| Waimakariri | 534,094 | 6.5% | 15.5% |
| Christchurch | 594,577 | 6.9% | 15.1% |
| Christchurch - Banks Peninsula | 645,194 | 8.2% | 16.1% |
| Christchurch - Central & North | 690,262 | 6.3% | 14.5% |
| Christchurch - East | 458,416 | 7.6% | 16.9% |
| Christchurch - Hills | 808,722 | 6.1% | 14.2% |
| Christchurch - Southwest | 564,074 | 7.1% | 14.7% |
| Selwyn | 644,690 | 7.1% | 14.2% |
| Ashburton | 428,779 | 7.5% | 15.0% |
| Timaru | 436,939 | 5.4% | 13.0% |
| MacKenzie | 626,702 | 7.4% | 4.2% |
| Waimate | 331,158 | 4.5% | 14.1% |
| Waitaki | 411,561 | 4.8% | 13.8% |
| Central Otago | 649,693 | 8.1% | 9.5% |
| Queenstown Lakes | 1,293,797 | 6.6% | 6.3% |
| Dunedin | 635,649 | 7.3% | 15.1% |
| Dunedin - Central & North | 659,815 | 8.2% | 16.5% |
| Dunedin - Peninsular & Coastal | 583,775 | 7.4% | 17.1% |
| Dunedin - South | 605,642 | 6.7% | 12.8% |
| Dunedin - Taieri | 656,236 | 6.5% | 14.5% |
| Clutha | 329,884 | 3.2% | 22.6% |
| Southland | 389,061 | 4.9% | 9.5% |
| Gore | 342,323 | 10.1% | 22.4% |
| Invercargill | 425,828 | 8.5% | 20.0% |
| Main Urban Areas | 990,930 | 7.7% | 17.6% |
| Auckland Region | 1,247,980 | 7.2% | 15.6% |
| Wellington Region | 971,393 | 10.5% | 23.7% |
| Total NZ | 871,375 | 8.1% | 18.4% |
| *Three month rolling average. | |||
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