QV says property values are still rising in most places except Wellington, but the rate of growth is slowing

QV says property values are still rising in most places except Wellington, but the rate of growth is slowing

Average national residential property values increased 1.7% in the three months to the end of August and 6.9% for the 12 months to August, Quotable Value (QV) says.

The average New Zealand home's value is now $479,967.

Around the main centres, the average Auckland home's value increased by 1.8% to $726,627 over the three months to the end of August, in Wellington it declined 0.5% to $449,838 and in Christchurch it was up 1.1% to $462,086 (see table below for average dwelling values throughout the country).

However the rate of value growth is slowing.

"Since September last year the growth rate of New Zealand residential property values has been slowing and this trend has continued over the past month," QV spokesperson Andrea Rush said.

"Home values in Auckland, Christchurch and Tauranga are still increasing but at a slower rate than this time last year.

"Hamilton and Dunedin home values have decreased slightly and Wellington values are continuing to show  the downward trend seen over the past few months.

"Sales volumes and home loan approvals are down year on year and interest rate rises, LVR restrictions and the upcoming election appear to be keeping the number of homes on the market low as well," she said. 

See below for average homes values throughout the country.

QV Residential Price Movement Index - at 31 August 2014
  Average Current Value $ % Change over 3 months
Whangarei 337,977 2.2
Rodney 685,473 2.7
North Shore 857,990 1.0
Waitakere 567,678 1.8
Central Auckland 857,341 1.7
Manukau 604,852 2.1
Papakura 435,731 1.1
Franklin 468,233 0.2
Hamilton 363,243 -0.2
Taupo 333,029 -3.7
Tauranga 454,167 0.8
Rotorua 271,188 -0.8
Whakatane 294,950 0.3
Gisborne 230,808 0.6
Hastings 294,662 -2.3
Napier 324,820 0.0
New Plymouth 349,566 -0.3
Stratford 203,462 2.7
Wanganui 178,428 -1.6
Palmerston North 284,130 -0.9
Kapiti Coast 372,688 -0.7
Porirua 372,969 -0.3
Hutt Valley 368,344 -2.1
Wellington - Central & South 543,169 -0.5
Wellington - East 574,925 0.0
Wellington - North 471,219 0.0
Wellington - West 606,772 -1.0
Masterton 239,799 2.2
Nelson 402,701 0.3
Marlborough 402,701 0.3
Grey District 214,594 -5.1
Christchurch - East 343,957 0.1
Christchurch - Hills 623,448 -0.4
Christchurch - Central & North 540,843 1.0
Christchurch - Southwest 443,648 1.7
Ashburton 315,670 -1.6
Timaru 281,954 0.1
Queenstown Lakes 667,584 -0.2
Dunedin - Central & North 296,610 -0.1
Dunedin - Peninsula & Coastal 265,138 -1.4
Dunedin - South 279,804 -0.3
Dunedin -Taieri 299,251 -0.2
Invercargill 205,252 -2.1
     
Total Auckland Area 726,627 1.8
Total Wellington Area 449,838 -0.5
Total Christchurch 462,086 1.1
     
Total NZ 479,967 1.7


Here's QV's full press release.

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5 Comments

If they think that there is a slowing trend they're dreamin . As long as we have the immigration floodgates fully opened , there will be constant pressure on accomodation with demand exceeding supply .
And given the Chinese methods used to raise finance offshore , the 30% of income , cost to income ratio applicable to Kiwi homebuyers is a useless method of affordability .

If they think there's a slowing trend they are presenting the facts as they are.

50/50 it will be a long term, the new govt will make sure of that after Sept 20th

QV data is recorded at settlement. REINZ data is recorded when a sale goes unconditional. QV data covers 3 months and will be reflecting sales that may have gone unconditional between April and July.
 
REINZ data is monthly and provides noisier but more timely data. The data is also stratafied. REINZ data (to July) shows declining average prices from April. 
 
REINZ data for August due out next week will give a better guide to where average house prices are currently (as opposed to QV where they were 2-4 months ago).  

C'mon Central Auckland .....lets see if you can crack the mill !!
 
Ridiculous really .....