Auckland property values continue to surge ahead of the rest of the country, with the average residential property value in the region rising 13% in the year to February, according to Quotable Value.
The average New Zealand residential property value now sits at just under half a million dollars, after increasing by 3.1% in the three months to February (up 6.4% for the year to February) to $498,614, acccording to the QV Residential Price Movement Index.
In Auckland, where demand for properties considerably outstrips supply, the average value is now $786,106, up a whopping 5% over the three months to February and up 13% for the year.
The 5% increase in Auckland values over the last three months was surprising because it includes December and January, which are usually quiet months for the property market.
If property values in the region continue to increase at that rate for the next nine months, they will be rising at an annual rate of more than 20%.
However in Christchurch and Wellington, property values are rising much more slowly.
In Wellington the average property value rose 1.6% to $457,557 in the three months to February, providing an annual increase of just 0.9%.
In Christchurch, the average property value rose 1.3% to $473,083 in the three months to August, which was up 3.4% for the year.
"The seemingly insatiable demand for Auckland property has resulted in the upward trend steepening on the QV Residential Price Movement Index," QV National Spokesperson Andrea Rush said.
"Values in Hamilton, Tauranga, Wellington, Christchurch and Dunedin are all showing moderate increases but nothing compared to the pace of Auckland values, which continue to surge ahead," she said.
Within the Auckland region, the annual increase in property values ranged from 7.1% in Rodney North to 16.1% in the sourthern suburbs within the boundaries of the former Auckland City Council.
The only places in Auckland where average property values are below $500,000 are Manukau Central ($493,404), Papakura ($474,949) and Franklin ($488,424).
Refer to the table below for QV's average property values throughout the country and their percentage changes over the last 3 and 12 month periods:
| Territorial authority |
Average current value
$ |
12 month change
% |
3 month change %
|
Since 2007 market peak change %
|
| Far North |
305,841
|
1.1
|
-0.1
|
-23.2
|
| Whangarei |
341,855
|
1.9
|
1.3
|
-13.7
|
| Kaipara |
345,996
|
7.3
|
3.0
|
-12.8
|
| Auckland - Rodney |
701,966
|
8.4
|
3.9
|
19.7
|
| Rodney - Hibiscus Coast |
699,245
|
9.6
|
4.3
|
19.0
|
| Rodney - North |
705,236
|
7.1
|
3.5
|
17.4
|
| Auckland - North Shore |
924,579
|
12.4
|
5.4
|
43.3
|
| North Shore - Coastal |
1,060,843
|
12.2
|
6.4
|
40.8
|
| North Shore - Onewa |
747,256
|
13.2
|
4.9
|
50.7
|
| North Shore - North Harbour |
879,851
|
10.9
|
3.5
|
44.8
|
| Auckland - Waitakere |
617,267
|
13.6
|
6.0
|
45.6
|
| Auckland - City |
938,466
|
14.6
|
5.2
|
50.8
|
| Auckland City - Central |
811,493
|
12.1
|
4.5
|
42.5
|
| Auckland City - East |
1,176,965
|
14.8
|
4.9
|
47.7
|
| Auckland City - South |
848,043
|
16.1
|
5.7
|
57.5
|
| Hauraki Gulf Islands |
814,239
|
11.3
|
9.0
|
27.4
|
| Auckland - Manukau |
652,233
|
12.2
|
4.6
|
42.5
|
| Manukau - East |
855,612
|
10.6
|
4.7
|
43.6
|
| Manukau - Central |
493,404
|
11.0
|
4.0
|
31.3
|
| Manukau - North West |
548,107
|
15.1
|
4.9
|
48.4
|
| Auckland - Papakura |
474,949
|
10.9
|
5.3
|
32.0
|
| Auckland - Franklin |
488,424
|
7.9
|
1.5
|
23.5
|
| Thames Coromandel |
517,797
|
3.1
|
2.3
|
-10.9
|
| Hauraki |
248,804
|
-1.1
|
6.5
|
-10.9
|
| Waikato |
291,653
|
4.2
|
3.9
|
-3.7
|
| Matamata Piako |
286,522
|
6.4
|
7.0
|
-1.8
|
| Hamilton |
373,846
|
3.0
|
1.7
|
3.4
|
| Hamilton - North East |
470,575
|
3.3
|
1.6
|
4.7
|
| Hamilton - Central & North West |
346,260
|
1.7
|
2.3
|
-3.3
|
| Hamilton - South East |
347,532
|
3.4
|
2.6
|
-0.6
|
| Hamilton - South West |
327,143
|
2.4
|
0.3
|
-4.4
|
| Waipa |
353,253
|
5.7
|
2.3
|
7.3
|
| South Waikato |
127,996
|
-1.9
|
1.3
|
-21.6
|
| Taupo |
342,193
|
2.4
|
2.6
|
-14.6
|
| Western BOP |
427,043
|
6.2
|
1.2
|
-5.2
|
| Tauranga |
461,731
|
4.8
|
1.4
|
-4.1
|
| Rotorua |
272,091
|
-1.3
|
1.2
|
-7.3
|
| Whakatane |
297,148
|
2.7
|
1.0
|
-14.6
|
| Kawerau |
109,707
|
5.6
|
7.3
|
-31.1
|
| Gisborne |
228,052
|
-3.7
|
0.0
|
-23.3
|
| Hastings |
299,904
|
-0.6
|
1.1
|
-3.8
|
| Napier |
329,604
|
1.9
|
1.0
|
-3.1
|
| Central Hawkes Bay |
208,515
|
4.0
|
2.9
|
-21.3
|
| New Plymouth |
355,304
|
2.6
|
02
|
7.4
|
| Stratford |
189,706
|
-5.9
|
-4.2
|
-13.2
|
| South Taranaki |
182,486
|
1.1
|
-2.1
|
-7.7
|
| Ruapehu |
133,210
|
-8.9
|
-1.3
|
-26.1
|
| Wanganui |
180,604
|
-1.9
|
-0.7
|
-19.4
|
| Rangitikei |
143,469
|
-1.2
|
0.3
|
-20.7
|
| Manawatu |
242,108
|
1.2
|
0.9
|
-4.8
|
| Palmerston North |
290,500
|
1.1
|
0.7
|
-2.6
|
| Tararua |
148,830
|
-2.1
|
-2.1
|
-15.6
|
| Horowhenua |
200,826
|
0.4
|
-1.9
|
-15.6
|
| Kapiti Coast |
379,567
|
2.9
|
0.3
|
-0.9
|
| Porirua |
378,330
|
-0.3
|
-0.3
|
1.0
|
| Upper Hutt |
335,918
|
-0.3
|
0.5
|
-4.4
|
| Hutt |
374,157
|
-0.5
|
1.6
|
-4.7
|
| Wellington |
545,830
|
1.7
|
1.5
|
2.5
|
| Wellington - Central & South |
555,523
|
2.4
|
1.9
|
-0.8
|
| Wellington - East |
591,878
|
2.3
|
0.9
|
2.7
|
| Wellington - North |
480,124
|
1.7
|
2.3
|
3.0
|
| Wellington - West |
617,682
|
-0.1
|
0.2
|
1.7
|
| Masterton |
237,430
|
-0.6
|
-0.1
|
-16.9
|
| Carterton |
270,106
|
3.5
|
2.9
|
-3.1
|
| South Wairarapa |
298,795
|
-1.3
|
0.0
|
-11.7
|
| Tasman |
422,236
|
2.6
|
1.7
|
5.1
|
| Nelson |
408,151
|
1.4
|
-0.2
|
6.6
|
| Marlborough |
348,794
|
1.8
|
1.2
|
-10.6
|
| Kaikoura |
358,887
|
3.9
|
2.3
|
-16.9
|
| Buller |
192,955
|
-7.5
|
-4.5
|
-6.1
|
| Grey |
219,885
|
2.2
|
-0.4
|
-10.1
|
| Westland |
231,494
|
0.8
|
1.3
|
-3.6
|
| Hurunui |
338,745
|
-0.9
|
1.3
|
8.4
|
| Waimakariri |
415,705
|
0.4
|
1.0
|
29.8
|
| Christchurch |
473,083
|
3.4
|
1.3
|
24.7
|
| Christchurch - East |
353,513
|
3.2
|
0.8
|
14.2
|
| Christchurch - Hills |
628,444
|
0.9
|
0.7
|
13.6
|
| Christchurch - Central & North |
555,000
|
4.5
|
1.3
|
25.3
|
| Christchurch - Southwest |
455,106
|
6.2
|
2.1
|
34.1
|
| Christchurch - Banks Peninsula |
480,553
|
-3.4
|
0.0
|
0.0
|
| Selwyn |
516,099
|
4.9
|
1.5
|
38.4
|
| Ashburton |
325,894
|
3.8
|
-0.4
|
16.4
|
| Timaru |
294,692
|
7.1
|
1.2
|
17.4
|
| MacKenzie |
313,642
|
5.3
|
11.9
|
9.5
|
| Waimate |
205,733
|
3.5
|
2.9
|
9.1
|
| Waitaki |
221,857
|
1.8
|
0.1
|
-2.9
|
| Central Otago |
317,764
|
1.1
|
-0.4
|
0.2
|
| Queenstown Lakes |
705,964
|
6.7
|
2.0
|
2.7
|
| Dunedin |
292,179
|
1.2
|
0.2
|
2.1
|
| Dunedin - Central & North |
302,167
|
1.6
|
0.5
|
0.1
|
| Dunedin - Peninsular & Coastal |
270,161
|
3.4
|
1.9
|
-0.2
|
| Dunedin - South |
278,073
|
-0.4
|
-0.1
|
-2.6
|
| Dunedin - Taieri |
303,385
|
1.4
|
-0.2
|
3.2
|
| Clutha |
165,847
|
4.2
|
-0.4
|
-8.4
|
| Southland |
206,707
|
3.0
|
0.2
|
-10.2
|
| Gore |
183,099
|
-1.3
|
0.2
|
4.2
|
| Invercargill |
209,243
|
1.7
|
2.3
|
-5.1
|
| Auckland Area |
786,106
|
13.0
|
5.0
|
43.8
|
| Wellington Area |
457,557
|
0.9
|
1.6
|
0.4
|
| Main Urban Areas |
588,268
|
8.1
|
3.7
|
28.1
|
| Total NZ |
$498,614
|
6.4%
|
3.1%
|
20.3%
|
No chart with that title exists.
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