Residential property values are continuing to rise, with the average value of dwellings throughout the country increasing by $15,889 in July, according to the CoreLogic House Price Index (HPI).
The national average value of residential dwellings throughout New Zealand is now $922,421, up from $906,532 in June.
Over the three months to June the national average value increased by 5.9% and over the 12 months to June it increased by 24.8%.
However those growth rates are slowing.
July's monthly increase was 1.8%, unchanged from June but down from the 2.2% increase in May and 3.1% increase in April.
CoreLogic's head of research Nick Goodall said while the market was likely past its peak growth rate it can take some time to slow.
"The exceptional rate of growth witnessed following the economic recovery after the pandemic-induced lockdown was not sustainable," he said.
"However with an asset class the size of the residential property market, which now exceeds $1.54 trillion and remains attractive due to still low interest rates, any slowdown was destined to be gradual."
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According to the HPI the greatest growth over the three months to July occurred in Opotiki, with a 19.3% increase.
The lowest value growth was in Marlborough where it was unchanged over the three months to June.
See the chart below for the current average dwelling values in all districts throughout the country and their percentage changes over three and 12 months.
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| CoreLogic House Price Index | ||||
| July 2021 | ||||
| Territorial authority | Average current value $ | 3 month change % | 12 month change% | |
| Far North | 583,227 | 4.0% | 19.5% | |
| Whangarei | 732,434 | 3.4% | 26.6% | |
| Kaipara | 767,119 | 10.0% | 27.0% | |
| Auckland - Rodney | 1,210,380 | 5.9% | 22.6% | |
| Rodney - Hibiscus Coast | 1,167,483 | 5.1% | 21.3% | |
| Rodney - North | 1,249,097 | 6.4% | 23.4% | |
| Auckland - North Shore | 1,481,432 | 4.3% | 19.4% | |
| North Shore - Coastal | 1,701,125 | 5.0% | 20.8% | |
| North Shore - North Harbour | 1,409,497 | 5.2% | 16.6% | |
| North Shore - Onewa | 1,214,312 | 3.1% | 20.0% | |
| Auckland - Waitakere | 1,064,215 | 6.0% | 24.1% | |
| Auckland - City | 1,537,572 | 4.9% | 22.0% | |
| Auckland City - Central | 1,286,465 | 3.5% | 17.1% | |
| Auckland City - Islands | 1,465,689 | 7.5% | 29.0% | |
| Auckland City - South | 1,403,358 | 5.0% | 23.8% | |
| Auckland_City - East | 1,948,191 | 5.9% | 23.2% | |
| Auckland - Manukau | 1,151,517 | 4.7% | 21.8% | |
| Manukau - Central | 908,404 | 4.9% | 24.6% | |
| Manukau - East | 1,474,677 | 3.8% | 21.9% | |
| Manukau - North West | 996,197 | 5.5% | 20.5% | |
| Auckland - Papakura | 901,170 | 5.1% | 23.6% | |
| Auckland - Franklin | 873,531 | 8.2% | 24.0% | |
| Thames Coromandel | 1,084,811 | 10.6% | 34.0% | |
| Hauraki | 574,178 | 14.9% | 25.2% | |
| Waikato | 672,296 | 8.5% | 25.6% | |
| Matamata Piako | 626,035 | 11.3% | 18.7% | |
| Hamilton | 805,503 | 6.1% | 26.8% | |
| Hamilton - Central & North West | 760,837 | 8.7% | 28.5% | |
| Hamilton - North East | 973,143 | 4.4% | 25.7% | |
| Hamilton - South East | 745,294 | 8.0% | 25.5% | |
| Hamilton - South West | 733,567 | 5.3% | 28.5% | |
| Waipa | 800,988 | 7.0% | 23.8% | |
| South Waikato | 395,750 | 2.7% | 23.1% | |
| Waitomo | 300,389 | 1.2% | 16.5% | |
| Taupo | 771,840 | 10.9% | 34.9% | |
| Western BOP | 885,310 | 7.0% | 26.6% | |
| Tauranga | 994,708 | 7.9% | 25.3% | |
| Rotorua | 650,546 | 1.9% | 21.1% | |
| Whakatane | 679,145 | 3.3% | 29.0% | |
| Kawerau | 384,638 | 2.7% | 32.9% | |
| Opotiki | 523,867 | 19.3% | 43.0% | |
| Gisborne | 591,320 | 2.1% | 35.5% | |
| Wairoa | 365,057 | 4.3% | 53.2% | |
| Hastings | 798,087 | 6.7% | 34.5% | |
| Napier | 815,597 | 2.8% | 31.8% | |
| Central Hawkes Bay | 539,996 | 6.7% | 23.4% | |
| New Plymouth | 641,340 | 4.1% | 24.8% | |
| Stratford | 446,378 | 5.4% | 27.3% | |
| South Taranaki | 373,411 | 0.4% | 28.8% | |
| Ruapehu | 371,496 | 7.1% | 32.2% | |
| Whanganui | 520,415 | 7.3% | 40.1% | |
| Rangitikei | 435,444 | 6.9% | 38.3% | |
| Manawatu | 613,417 | 7.8% | 30.4% | |
| Palmerston North | 714,036 | 8.3% | 38.4% | |
| Tararua | 439,328 | 12.0% | 47.6% | |
| Horowhenua | 606,334 | 8.1% | 36.6% | |
| Kapiti Coast | 910,925 | 3.3% | 35.0% | |
| Porirua | 932,837 | 6.0% | 33.9% | |
| Upper Hutt | 871,942 | 6.6% | 35.2% | |
| Hutt | 922,578 | 7.7% | 34.3% | |
| Wellington City | 1,163,550 | 7.1% | 30.0% | |
| Wellington - Central & South | 1,091,409 | 2.3% | 23.1% | |
| Wellington - East | 1,276,199 | 11.4% | 34.3% | |
| Wellington - North | 1,101,993 | 9.7% | 33.7% | |
| Wellington - West | 1,332,332 | 6.4% | 31.7% | |
| Masterton | 622,267 | 7.5% | 39.8% | |
| Carterton | 673,421 | 3.6% | 39.1% | |
| South Wairarapa | 822,729 | 8.4% | 41.3% | |
| Tasman | 780,433 | 4.5% | 20.9% | |
| Nelson | 789,468 | 5.0% | 19.1% | |
| Marlborough | 677,901 | 0.0% | 30.4% | |
| Kaikoura | 565,222 | 7.8% | 17.4% | |
| Buller | 274,331 | 10.8% | 32.7% | |
| Grey | 301,499 | 11.0% | 23.7% | |
| Westland | 338,190 | 5.2% | 17.8% | |
| Hurunui | 499,299 | 4.1% | 22.9% | |
| Waimakariri | 582,143 | 9.0% | 25.1% | |
| Christchurch | 644,628 | 8.4% | 24.1% | |
| Christchurch - Banks Peninsula | 699,513 | 8.4% | 29.4% | |
| Christchurch - Central & North | 746,167 | 8.1% | 22.6% | |
| Christchurch - East | 495,564 | 8.1% | 26.3% | |
| Christchurch - Hills | 898,717 | 11.1% | 26.8% | |
| Christchurch - Southwest | 610,508 | 8.2% | 23.6% | |
| Selwyn | 691,454 | 7.3% | 21.8% | |
| Ashburton | 450,868 | 5.2% | 17.1% | |
| Timaru | 448,625 | 2.7% | 14.5% | |
| MacKenzie | 629,926 | 0.5% | 5.5% | |
| Waimate | 360,612 | 8.9% | 27.3% | |
| Waitaki | 428,748 | 4.2% | 18.7% | |
| Central Otago | 678,583 | 4.4% | 14.9% | |
| Queenstown Lakes | 1,385,126 | 7.1% | 18.9% | |
| Dunedin | 664,560 | 4.5% | 20.6% | |
| Dunedin - Central & North | 682,711 | 3.5% | 21.1% | |
| Dunedin - Peninsular & Coastal | 623,493 | 6.8% | 24.1% | |
| Dunedin - South | 628,257 | 3.7% | 19.6% | |
| Dunedin - Taieri | 694,593 | 5.8% | 20.1% | |
| Clutha | 371,452 | 12.6% | 23.5% | |
| Southland | 423,741 | 8.9% | 12.2% | |
| Gore | 360,674 | 5.4% | 24.1% | |
| Invercargill | 437,590 | 2.8% | 20.9% | |
| Auckland Region | 1,310,305 | 5.0% | 21.6% | |
| Main Urban Areas | 1,047,988 | 5.8% | 24.1% | |
| Wellington Region | 1,040,290 | 7.1% | 31.9% | |
| Total NZ | 922,421 | 5.9% | 24.8% | |
30 Comments
There's still room for upward valuation.
Yes, get in quick. Hurry! How many have you bought lately CWBW?
choo.. choo.. All Aboard -- Next Stop: 1 Million
Stop? There is no stopping this market. The show must go relentlessly onwards.
1 Million by Christmas is my pick.
Optimistic, I'd have gone for May or June next year when the borders reopen and we've had a solid quarter of demand growth.
I hate to say it but, you're probably not wrong.
We'll hopefully be seeing the RBNZ tighten LVRs later this year.
Next council valuation will set new bench mark.
Imagine trying to set the numbers right now in the middle of monthly gains like this. I mean it usually takes 3 years to be out of date not 3 months.
We are getting wealthy.
Oh yeah.
Whats the deal with all the wealthy Chinese selling Xingowang? Do they fear its the top of the market or do they not like NZ's new laws on trusts?
"Over the three months to June the national average value increased by 5.9%..."
Well, disappointing, but it still comprehensively beats inflation and wage growth. Let's see what next year brings when borders reopen, that should help suppress wage growth/inflation which will allow RBNZ to keep rates low while also raising demand for houses and rentals.
The upshot of all of this for investors however is that the governments short sightedness means less competition in the rentals space and higher rents for investors. Every action having an equal and opposite reaction:
https://i.stuff.co.nz/life-style/homed/renting/125903409/perfect-storm-…
Aroha.
Let's keep moving!
"Let's keep moving!"
Indeed, we will. Spring is just 4 weeks away!
TTP
I can feel a review coming on...
I remember when Auckland hit $1M average, at least that was possibly because of a shortage of land etc. But if the country hits $1M average there is something seriously screwy going on, you can't tell me this isn't a bubble.
2026 the average price could be 2 million. According to one property expert I heard, the Auckland cycle is about to ramp up again.
WoW up appox 6% up after 30% rise.
Welcome to paradise
Yep so its not really 6% is it, it more like 8% in dollar terms because its now compounding on top of an already massive gain.
Thanks to Mr Orr as is possible only because Mr Orr insisted with his policy of Wait And Watch.
Even measures that Mr Orr will announce shortly was as he had this data and knew what is coming so came out with lip service.
Mr Orr announcement will be without tooth and whatever little he may be compelled will be with time gap of 3 to 6 months or a year.
Seriously this $%#@% have no.........( sorry have no other words for people running and managing this ponzi)
Now whatever Mr Orr has to announce should be with intent and with immediate effect or from starting of next month, if have to give time to adjust or just f$#@ ( sorry again but it comes out naturally for this %$#@).
The OCR is going to 1% before Christmas but it will not help much. Its going to take until next year sometime to stop this runaway train.
I'm guessing,. 5 if that. 1% by Christmas will be to quick.. That's my thoughts anyway.
Now tell him to put this up his.....:
https://www.interest.co.nz/property/111579/govt-signs-dti-measures-whic…
Need help ask FM as will be happy to help.
Surely you mean Average Price and not Average Value?
"But we clobbered the investors"
As a home owner plus this data brings me zero joy.
The inertia of our leaders is a disgrace...this is a national disaster..worse than the Christchurch earthquakes etc.
This time next year I wouldn't be surprised to see house prices up another 20%. Still a lot of FOMO and greed
It's not greed. It's playing the cards you're dealt with, with help from the dealer
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