The average value of residential property throughout New Zealand continued increasing over the three months to the end of January setting a new all time high.
According to property data company CoreLogic's NZ House Price Index, the average value of NZ homes is now $1,028,097 based on sales data over the three months to the end of January.
That was up $21,465 compared to the three months to the end of December.
In the Auckland region the average dwelling value increased $47,375 over the same period, rising from $1,426,882 at the end of December to $1,474,257 at the end of January.
That means average dwelling values are above $1 million in all districts stretching from Rodney in Auckland's north to Thames-Coromandel to the south of the city.
The cheapest district within Auckland's boundaries is Franklin on the region's southern fringe with an average value of $1,028,062, while the most expensive is central Auckland's eastern district which includes suburbs such and St Heliers and Mission Bay, which has an average value of $2,160,569.
Other million dollar-plus districts are north-east Hamilton $1,126,349, Tauranga $1,166,975, Wellington City $1,273, 761, Porirua $1,011,589 (with the Hutt Valley not far behind), Christchurch's Hill suburbs $1,008,427 and Queenstown-Lakes $1,551,659 (see the table below for the average values nationwide).
CoreLogic said property values over the three months to January surprised on the upside, because there was also a slight increase in the rate of value growth, which had previously been declining.
In the three months to the end of January average property values nationwide increased by 6.0%, compared to a 5.9% increase over the three months to the end of December.
Auckland had an even bigger upturn, with average values increasing by 6.7% in the three months to January compared to 5.9% in the three months to December.
However CoreLogic's New Zealand Head of Research Nick Goodall, maintained a slightly bearish view on where housing values might be headed this year.
"There is mounting evidence residential property values could slow in the coming months with some areas more vulnerable than others," Goodall said.
"Certainly, property market activity levels seem to have passed their peak, and typically that will lead to a clearer slowdown in values after a lag of a few months," he said.
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| CoreLogic House Price Index | ||||
| January 2022 | ||||
| Territorial authority | Average current value | 12 month change% | 3 month change % | |
| Far North | $669,352 | 24.3% | 3.4% | |
| Whangarei | $828,993 | 30.5% | 8.0% | |
| Kaipara | $893,506 | 37.1% | 13.3% | |
| Auckland - Rodney | $1,393,115 | 31.7% | 9.1% | |
| Rodney - Hibiscus Coast | $1,339,379 | 31.1% | 9.3% | |
| Rodney - North | $1,441,280 | 32.1% | 9.0% | |
| Auckland - North Shore | $1,670,745 | 25.2% | 9.2% | |
| North Shore - Coastal | $1,909,328 | 25.0% | 9.2% | |
| North Shore - North Harbour | $1,591,960 | 25.3% | 9.0% | |
| North Shore - Onewa | $1,375,670 | 25.7% | 8.4% | |
| Auckland - Waitakere | $1,163,477 | 25.4% | 5.0% | |
| Auckland - City | $1,703,146 | 24.5% | 5.0% | |
| Auckland City - Central | $1,407,639 | 20.1% | 3.8% | |
| Auckland City - Islands | $1,731,333 | 38.4% | 10.7% | |
| Auckland City - South | $1,552,675 | 24.8% | 5.9% | |
| Auckland_City - East | $2,160,569 | 26.1% | 4.7% | |
| Auckland - Manukau | $1,324,806 | 28.9% | 7.7% | |
| Manukau - Central | $1,061,665 | 33.6% | 9.6% | |
| Manukau - East | $1,654,952 | 24.8% | 5.1% | |
| Manukau - North West | $1,133,244 | 27.4% | 7.4% | |
| Auckland - Papakura | $1,039,586 | 31.9% | 7.8% | |
| Auckland - Franklin | $1,028,062 | 36.4% | 10.6% | |
| Thames Coromandel | $1,135,393 | 25.5% | 0.8% | |
| Hauraki | $678,838 | 39.0% | 21.4% | |
| Waikato | $827,641 | 45.3% | 22.4% | |
| Matamata Piako | $707,057 | 26.8% | 4.6% | |
| Hamilton | $908,475 | 30.9% | 6.5% | |
| Hamilton - Central & North West | $852,680 | 32.6% | 6.7% | |
| Hamilton - North East | $1,126,349 | 33.0% | 7.7% | |
| Hamilton - South East | $831,594 | 28.5% | 3.8% | |
| Hamilton - South West | $799,126 | 27.1% | 6.5% | |
| Waipa | $910,798 | 30.7% | 10.3% | |
| South Waikato | $464,262 | 31.5% | 13.0% | |
| Waitomo | $364,566 | 42.4% | 6.2% | |
| Taupo | $834,591 | 31.8% | 1.1% | |
| Western BOP | $998,841 | 28.1% | 6.8% | |
| Tauranga | $1,166,975 | 31.3% | 6.9% | |
| Rotorua | $714,966 | 18.9% | 7.3% | |
| Whakatane | $719,544 | 28.7% | 2.6% | |
| Kawerau | $406,205 | 24.6% | 3.0% | |
| Opotiki | $512,862 | 37.6% | 7.6% | |
| Gisborne | $642,891 | 22.1% | 4.3% | |
| Wairoa | $444,122 | 68.2% | 32.6% | |
| Hastings | $898,385 | 35.4% | 5.2% | |
| Napier | $888,700 | 29.9% | 2.4% | |
| Central Hawkes Bay | $632,954 | 38.6% | 9.1% | |
| New Plymouth | $712,546 | 24.9% | 7.4% | |
| Stratford | $475,312 | 26.8% | 2.9% | |
| South Taranaki | $446,904 | 39.1% | 12.6% | |
| Ruapehu | $412,272 | 33.1% | 12.5% | |
| Whanganui | $560,929 | 31.6% | 6.2% | |
| Rangitikei | $506,336 | 39.1% | 12.7% | |
| Manawatu | $673,831 | 27.1% | 3.6% | |
| Palmerston North | $754,212 | 25.6% | 3.0% | |
| Tararua | $467,212 | 39.0% | 4.1% | |
| Horowhenua | $664,337 | 35.1% | 5.0% | |
| Kapiti Coast | $994,122 | 27.5% | 3.1% | |
| Porirua | $1,011,589 | 25.7% | 3.0% | |
| Upper Hutt | $959,083 | 31.6% | 6.3% | |
| Hutt | $993,835 | 29.0% | 0.6% | |
| Wellington City | $1,273,761 | 29.2% | 3.0% | |
| Wellington - Central & South | $1,187,315 | 22.9% | 1.8% | |
| Wellington - East | $1,398,458 | 33.2% | 4.1% | |
| Wellington - North | $1,221,112 | 33.6% | 3.8% | |
| Wellington - West | $1,484,437 | 32.0% | 5.7% | |
| Masterton | $675,954 | 26.0% | 1.7% | |
| Carterton | $725,328 | 35.4% | -2.1% | |
| South Wairarapa | $894,056 | 22.0% | 1.6% | |
| Tasman | $857,045 | 26.9% | 4.7% | |
| Nelson | $862,833 | 21.6% | 4.1% | |
| Marlborough | $729,175 | 24.7% | 5.0% | |
| Kaikoura | $617,117 | 18.9% | 9.3% | |
| Buller | $304,657 | 29.8% | 8.0% | |
| Grey | $335,962 | 35.2% | 5.6% | |
| Westland | $360,009 | 22.6% | -2.4% | |
| Hurunui | $565,172 | 30.3% | 8.9% | |
| Waimakariri | $675,171 | 34.7% | 6.8% | |
| Christchurch | $750,979 | 35.0% | 8.2% | |
| Christchurch - Banks Peninsula | $792,500 | 32.9% | 9.6% | |
| Christchurch - Central & North | $864,066 | 33.1% | 7.7% | |
| Christchurch - East | $576,039 | 35.2% | 8.1% | |
| Christchurch - Hills | $1,008,427 | 32.4% | 8.6% | |
| Christchurch - Southwest | $727,605 | 38.2% | 9.3% | |
| Selwyn | $848,528 | 41.0% | 8.1% | |
| Ashburton | $506,116 | 26.9% | 10.8% | |
| Timaru | $494,757 | 19.4% | 5.0% | |
| MacKenzie | $688,051 | 17.9% | 9.7% | |
| Waimate | $401,135 | 26.6% | 7.1% | |
| Waitaki | $479,533 | 22.1% | 6.5% | |
| Central Otago | $755,253 | 25.7% | 5.0% | |
| Queenstown Lakes | $1,551,659 | 27.8% | 1.6% | |
| Dunedin | $714,945 | 20.6% | 4.7% | |
| Dunedin - Central & North | $730,488 | 19.8% | 5.0% | |
| Dunedin - Peninsular & Coastal | $655,928 | 20.6% | 2.3% | |
| Dunedin - South | $692,084 | 22.0% | 7.7% | |
| Dunedin - Taieri | $746,566 | 21.2% | 3.2% | |
| Clutha | $403,891 | 26.4% | 3.1% | |
| Southland | $468,809 | 26.4% | 7.1% | |
| Gore | $379,752 | 22.2% | 1.7% | |
| Invercargill | $474,933 | 21.0% | 4.7% | |
| Auckland Region | $1,474,257 | 26.6% | 6.7% | |
| Main Urban Areas | $1,168,081 | 26.9% | 5.8% | |
| Wellington Area | $1,133,688 | 29.0% | 2.7% | |
| Total NZ | $1,028,097 | 27.5% | 6.0% | |
| Notes on the above data: | ||||
| 1. The information included in the above table is based on the monthly property value index. This index is calculated based on the sales data entered into CoreLogic's system in the previous 3 month period. For example, information for the period ending June will be calculated based on sales entered between April 1 and June 30. | ||||
| 2. The average current value is the average (mean) value of all developed residential properties in the area based on the latest index. It is not an average or median sales price, as both of those only measure what happens to have sold in the period. | ||||
| 3. The percentage change over three months, twelve months and since the 2007 market peak are based on the change in the property value index between that time and the current. | ||||
| 4. Any of the statistical data shown in italics are calculated based on a sample set of data that is less than the recommended minimum. These results should be used with caution. Those showing N/A had too few sales to generate an index | ||||
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