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% | |
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