QV says average home values rose 13.9% in Auckland in the year to March, but value rises flattening around rest of the country

QV says average home values rose 13.9% in Auckland in the year to March, but value rises flattening around rest of the country

Average home values across the country increased by 2.8% in the first quarter of this year and 7.7% in the year to March, according to QV.

The average value of a New Zealand home is now $502,411.

Of the major urban areas, the biggest increase in values occurred in the Auckland region where they rose 4.6% in the first three months of this year and 13.9% in the year to March.

The average value of an Auckland home is now $796,649.

In the Wellington region the average value was up 0.6% in the first quarter of this year and 1% in the year to March, to $544,607.

In Christchurch the average value rose 0.5% in the first quarter of this year and 5.3% in the year to March, to $472,130.

"The rate of growth in Auckland is exceptionally strong while values are rising more slowly than they were this time last year in Hamilton, Wellington, Christchurch and Dunedin," QV national spokesperson Andrea Rush said.

"Value increases are beginning to plateau in parts of the Christchurch market as the supply of new homes begins to meet the demand created by the earthquakes.

"Values in Tauranga and Invercargill rose moderately, while the Hamilton, Wellington and Dunedin markets are quite flat.

"The expectation is that Auckland will continue to accelerate while the rest of the main centres will remain steady with values either moderately increasing, staying flat or in some cases declining slightly," she said.

All parts of the Auckland region except Rodney and Franklin had double digit average value increases in the year to March.

The biggest value increases were in the south of the region, with average values in the southern suburbs within the former Auckland City boundaries increasing by 17.9% in the year to March (to $863,264) while average values in north west Manukau were up 16.2% to $555,043.

Some rural areas posted declines in average values, with the biggest drop occurring in the Ruapehu District where the average value declined 7.2% in the year to March to $129,347.

See the chart below for average dwelling values for all regions of the country:

QV Residential Price Movement Index
Current period: three months to March 2015
Territorial authority Average current value $ 12 month change% 3 month change %
Far North 302,825 0.2% -1.7%
Whangarei 347,095 2.4% 2.9%
Kaipara 345,828 5.2% 1.8%
Auckland - Rodney 707,259 8.1% 3.0%
Rodney - Hibiscus Coast 702,437 8.8% 3.0%
Rodney - North 712,839 7.2% 2.9%
Auckland - North Shore 935,891 13.4% 4.8%
North Shore - Coastal 1,072,468 13.2% 5.5%
North Shore - Onewa 754,149 14.1% 3.7%
North Shore - North Harbour 897,152 12.5% 4.3%
Auckland - Waitakere 626,268 14.1% 5.2%
Auckland - City 954,660 15.5% 5.2%
Auckland City - Central 826,509 11.3% 4.7%
Auckland_City - East 1,195,389 15.4% 5.1%
Auckland City - South 863,264 17.9% 5.4%
Auckland City - Islands 830,476 13.9% 8.2%
Auckland - Manukau 661,431 13.9% 5.0%
Manukau - East 870,424 13.5% 5.5%
Manukau - Central 499,190 11.5% 4.2%
Manukau - North West 555,043 16.2% 4.9%
Auckland - Papakura 480,939 12.8% 3.8%
Auckland - Franklin 494,946 8.2% 2.4%
Thames Coromandel 520,923 4.0% 2.7%
Hauraki 251,273 2.6% 5.4%
Waikato 293,200 6.3% 2.1%
Matamata Piako 284,463 5.6% 2.1%
Hamilton 373,661 3.4% 0.5%
Hamilton - North East 471,128 3.6% 0.6%
Hamilton - Central & North West 346,993 3.2% 0.7%
Hamilton - South East 345,643 2.5% 1.1%
Hamilton - South West 327,096 2.7% -0.5%
Waipa 353,268 5.8% 1.5%
Otorohanga N/A N/A N/A
South Waikato 124,849 -4.8% -4.3%
Waitomo N/A N/A N/A
Taupo 343,544 3.6% 1.8%
Western BOP 419,448 2.4% -1.0%
Tauranga 466,378 5.1% 1.7%
Rotorua 268,628 -3.1% -0.5%
Whakatane 295,444 -0.2% -2.3%
Kawerau 104,629 -0.9% 1.2%
Opotiki N/A N/A N/A
Gisborne 229,158 -2.5% 1.6%
Wairoa N/A N/A N/A
Hastings 302,103 0.7% 1.5%
Napier 328,848 1.2% 0.2%
Central Hawkes Bay 213,472 4.0% 5.9%
New Plymouth 357,061 2.5% -0.2%
Stratford 192,033 -1.8% -4.7%
South Taranaki 184,359 1.9% -0.8%
Ruapehu 129,347 -7.2% -6.6%
Wanganui 180,541 -1.7% -1.0%
Rangitikei 141,680 0.4% -0.8%
Manawatu 245,136 1.8% 1.2%
Palmerston North 289,325 1.0% 0.0%
Tararua 150,175 -1.8% -0.4%
Horowhenua 204,723 1.0% 0.5%
Kapiti Coast 378,438 2.8% 0.2%
Porirua 379,242 0.9% 0.0%
Upper Hutt 337,003 0.5% 0.7%
Hutt 374,538 -0.9% 1.4%
Wellington 544,607 1.0% 0.6%
Wellington - Central & South 552,419 1.0% 0.1%
Wellington - East 591,356 1.9% -0.2%
Wellington - North 480,133 1.7% 1.8%
Wellington - West 616,159 -1.1% 0.2%
Masterton 239,643 -0.3% 1.3%
Carterton 274,116 6.3% 5.2%
South Wairarapa 302,512 0.0% 1.4%
Tasman 419,517 0.8% 1.1%
Nelson 410,205 2.6% 0.0%
Marlborough 353,392 3.0% 2.0%
Kaikoura 353,298 -1.6% 2.9%
Buller 198,252 -5.6% -1.9%
Grey 218,747 -2.9% -2.6%
Westland 228,774 0.9% 0.5%
Hurunui 338,485 2.0% -2.4%
Waimakariri 415,181 3.5% 0.2%
Christchurch 472,130 5.3% 0.5%
Christchurch - East 353,063 4.8% 0.5%
Christchurch - Hills 636,634 5.2% 1.6%
Christchurch - Central & North 552,194 4.8% 0.1%
Christchurch - Southwest 454,621 6.9% 1.1%
Christchurch - Banks Peninsula 477,643 2.0% -1.9%
Selwyn 518,718 5.0% 1.6%
Ashburton 325,192 4.1% -1.0%
Timaru 298,495 8.6% 3.1%
MacKenzie 316,939 6.7% 8.6%
Waimate 210,060 3.0% 4.5%
Waitaki 225,104 3.1% 1.5%
Central Otago 319,769 1.3% 0.2%
Queenstown Lakes 715,787 7.2% 3.3%
Dunedin 291,454 0.6% -0.3%
Dunedin - Central & North 303,242 1.6% 0.8%
Dunedin - Peninsular & Coastal 267,187 0.4% -1.4%
Dunedin - South 275,252 -0.4% -1.2%
Dunedin - Taieri 303,637 0.7% -0.3%
Clutha 167,692 4.8% 1.4%
Southland 203,325 0.3% -1.0%
Gore 183,197 0.7% -0.5%
Invercargill 208,612 0.8% 1.9%
       
Auckland Area    796,649 13.9% 4.6%
Wellington Area    456,879 0.5% 0.8%
Main Urban Areas    593,412 9.3% 3.2%
Total NZ    502,411 7.7% 2.8%
 

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according to our GOVT (nick smith) yesterday house prices when adjusted for inflation have only gone up 25% in the last five years.
Glad they have it all under control
our young people in auckland will be able to look back in years to come and see what a mess they created

Bit tough blaming the 'young people' sharetrader, especially just those in Auckland.

ha ha , i didnt mean blame them, i feel sorry for them i cant see how in another 5 years a young couple in auckland on average wages will have any hope of buying a house
i think they will look back at this governement and the previous one and see them for what they are and were.
 

We can see it already mate.  It's what the rest of society choose to do with their votes that affects us - unfortunately.

You cannot balame the government for the state of house pricing in Auckland. Those who are benefiting from it are not clever just lucky. It is a perfect storm that benefits those in a position to borrow money. High immigration, insufficient numbers of houses being built and low interest rates brought on by the 2007/2008 recession. You are lucky if you had existing housing with equity in it and the ability to borrow for investment homes. You are unlucky if you were too young to have your own home and borrow against it. That is life I am afraid. Change of circumstances benefit some and not others. I was born in 1955 and have been lucky with housing. My children who are both professionals and are getting into housing have to pay far more than we did when we bought our first home in 1984.

so the govenrment does not control Immigration through the setting of the points system
so the government has no control over interest rates or what equity banks can lend at to control the money flow into the market  (they have passed the ball on this one to the reserve bank)
so the governement has no control over setting laws to make it favourable to build or build themselves to help boast supply
so the government has no control over who can buy houses in NZ
all i would say for this government and the one before it did a lot of kicking the can down the road
and that will lead to young couples of the future who are in average jobs ,  office staff , storeman, drivers, shop workers ,tradesman. who have in the past been able to skimp and save enough for a deposit to be able to buy a house in auckland no longer have anywhere that ability.
its a shame our generation are im allright jack but that also will come back to bite some as they will soon have to use that equity built up to pass onto our children so they also can enjoy homeownership