The housing market continues to have a split personalty, with property values continuing to rise in Auckland and Christchurch, while values in Wellington and Dunedin are falling, according to Quotable Value (QV).
"Residential property values in Auckland and Christchurch are still increasing at a similar rate to what they were in June last year," QV national spokesperson Andrea Rush said.
"While values in Wellington and Dunedin are showing a downward trend this month, as are a number of other provincial centres around the country."
QV's Residential Price Movement Index shows that national property values in June were 8% higher than in June last year and 2.1% higher than they were March.
That means they are now 15% higher than they were in the previous market peak of late 2007, QV said.
In the Auckland region property values have increased by 2.7% over the three months to June and 12.3% over the year to June.
The biggest increases were in Manukau East where values rose by 4.3% over the three months to June, followed by the North Shore-North Harbour, where values where values rose 4.2% over the same period.
All of the main centres in Auckland recorded double digit value growth in the year to June, with the biggest increases occurring in Waitakere, 15.2%, followed by Manukau 13.8%, North Shore 13.2%, Papakura 13.2%, Franklin 12.2%, Auckland City (within the former City council boundaries) 11.4%, and Rodney 10.1%.
Property values in Christchurch have risen 2.5% in the three months to June and are up 7% compared with a year earlier, QV said.
The biggest increase occurred in Southwest Christchurch, where values are increased 3.5% in the three months to June and are up 11% compared with a year ago.
Values have also risen in Hamilton and Tauranga.
In Hamilton property values were up 1.1% in the three months to June and 4.9% compared with a year ago.
In Tauranga values were up 2% in the last three months and 5.5% for the year.
In the Wellington Region values dropped by 0.4% over the last three months but were still 1.8% higher than a year ago.
QV valuer Kerry Buckeridge said the Wellington region had been fairly quiet.
"There is a slight drop in listings in Wellington which is normal for the winter season and that has been helping real estate agents to sell some houses which have been on the market for a while, so that's positive," he said.
"People are being very careful and cautious with their property decisions.
"It is noted that average days to sell have now reportedly increased to in excess of 40, which is very high for Wellington."
In Dunedin property values declined by 0.4% in the three months to June but were still up 1.1% on a year earlier.
Other areas showing a decline in values in the three months to June were Whangarei -1.7%, Rotorua -3.1%, Palmerston North -0.5%, Wanganui -2%, Gisborne -2.6%, Queenstown-Lakes -0.5%.
Increases were posted in Taupo 3.3%, New Plymouth 0.7%, Invercargill 2.2%, and Marlborough 1.4%.