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Average dwelling value in Auckland now $828,502 and still rising - Quotable Value

Average dwelling value in Auckland now $828,502 and still rising - Quotable Value

Average residential property values across the country rose by 9% in the 12 months to May and in Auckland they were up 16.1%, according to the latest figures from Quotable Value (QV).

QV national spokesperson Andrea Rush described the growth in Auckland housing values as "meteoric" and said the average dwelling's value in Auckland had risen by 5.4% to $828,502 in the three months to May.

"National residential property values have risen at their fastest annual rate in 15 months and the Auckland market continues to drive this as it continues its meteoric rise with values in the super city region rising at the fastest annual rate since mid-2004," Rush said.

"The usual winter downturn does not appear to have dampened demand as high net migration, relatively low interest rates and a constrained housing supply continue to fuel demand in the Auckland market.

"This demand is also now spreading to provincial centres nearer Auckland with values up in Tauranga, Hamilton, Cambridge, Pokeno and towns in the Hauraki District," she said.

Within the Auckland Region, housing values increased by between 7.9% (on the Hibiscus Coast) and 20.2% in the southern suburbs of the former Auckland City Council (see table below).

"As yet there has been no obvious impact on the market from the Reserve Bank's proposed changes to deposit requirements for Auckland investment properties or the Government's reclassification to investment property taxes due to be brought in on October 1," Rush said.

In Christchurch, average housing values rose by 3.8% in the year to May and 0.3% in the three months to May.

"The average rate of value increases in Christchurch is continuing to slow which is further evidence that the supply of repaired and newly built homes on the market is now starting to meet demand for homes there," Rush said.

In the Wellington Region, average property values rose by 1.8% in the 12 months to May and declined by 0.1% in the three months to May.

Refer to the table below for average property values in all regions of the country and their changes over the last 12 months.

QV Value Index - Residential Property      
May 2015        
  Territorial authority Average current value 12 month change% 3 month change % Since 2007 market peak change %
  Far North 303,431 1.8% -0.8% -23.8%
  Whangarei 350,040 3.9% 2.4% -11.7%
  Kaipara 343,015 3.3% -0.9% -13.5%
  Auckland - Rodney 721,948 8.1% 2.8% 23.1%
  Rodney - Hibiscus Coast 714,506 7.9% 2.2% 21.6%
  Rodney - North 730,709 8.4% 3.6% 21.7%
#A Auckland - North Shore 973,684 14.6% 5.3% 50.9%
  North Shore - Coastal 1,112,840 13.6% 4.9% 47.7%
  North Shore - Onewa 788,970 17.5% 5.6% 59.1%
  North Shore - North Harbour 934,079 14.1% 6.2% 53.7%
#A Auckland - Waitakere 656,880 17.8% 6.4% 54.9%
#A Auckland -  (former) City  992,227 17.7% 5.7% 59.4%
  Auckland City - Central 856,063 12.9% 5.5% 50.3%
  Auckland_City - East 1,241,408 18.2% 5.5% 55.8%
  Auckland City - South 901,031 20.2% 6.2% 67.4%
  Auckland City - Islands 835,061 12.4% 2.6% 30.6%
#A Auckland - Manukau 689,147 16.3% 5.7% 50.6%
  Manukau - East 905,622 14.4% 5.8% 51.9%
  Manukau - Central 524,198 15.9% 6.2% 39.4%
  Manukau - North West 576,699 19.2% 5.2% 56.1%
#A Auckland - Papakura 506,213 17.4% 6.6% 40.7%
  Auckland - Franklin 512,419 9.6% 4.9% 29.5%
  Thames Coromandel 521,815 3.3% 0.8% -10.2%
  Hauraki 256,292 6.1% 3.0% -8.1%
  Waikato 298,444 4.5% 2.3% -1.4%
  Matamata Piako 284,133 5.4% -0.8% -2.6%
# Hamilton 379,022 4.1% 1.4% 4.8%
  Hamilton - North East 481,512 5.0% 2.3% 7.1%
  Hamilton - Central & North West 353,866 3.7% 2.2% -1.1%
  Hamilton - South East 346,792 3.7% -0.2% -0.8%
  Hamilton - South West 331,976 3.5% 1.5% -3.0%
  Waipa 356,895 5.6% 1.0% 8.4%
  Otorohanga N/A N/A N/A N/A
  South Waikato 129,340 0.8% 1.1% -20.7%
  Waitomo N/A N/A N/A N/A
  Taupo 345,052 -0.2% 0.8% -13.9%
  Western BOP 424,824 1.7% -0.5% -5.7%
# Tauranga 480,727 6.7% 4.1% -0.2%
  Rotorua 276,865 1.2% 1.8% -5.7%
  Whakatane 299,680 1.9% 0.9% -13.9%
  Kawerau N/A N/A N/A N/A
  Opotiki 210,985 2.7% 6.5% -25.8%
  Gisborne 225,390 -1.8% -1.2% -24.2%
  Wairoa N/A N/A N/A N/A
  Hastings 306,993 1.8% 2.4% -1.5%
# Napier 328,921 1.3% -0.2% -3.3%
  Central Hawkes Bay 216,750 3.0% 3.9% -18.2%
  New Plymouth 358,858 2.3% 1.0% 8.5%
  Stratford 206,053 4.0% 8.6% -5.7%
  South Taranaki 183,606 2.1% 0.6% -7.2%
  Ruapehu 135,777 5.3% 1.9% -24.7%
  Wanganui 182,228 0.5% 0.9% -18.7%
  Rangitikei 141,856 -2.9% -1.1% -21.6%
  Manawatu 241,514 0.7% -0.2% -5.0%
# Palmerston North 290,568 1.3% 0.0% -2.6%
  Tararua 152,892 -1.1% 2.7% -13.3%
  Horowhenua 208,338 1.3% 3.7% -12.4%
  Kapiti Coast 380,809 1.5% 0.3% -0.6%
#W Porirua 382,368 2.3% 1.1% 0.1%
#W Upper Hutt 337,317 1.5% 0.4% -4.0%
#W Hutt 375,943 -0.1% 0.5% -4.2%
#W Wellington 545,132 1.8% -0.1% 2.4%
  Wellington - Central & South 552,724 1.3% -0.5% -1.3%
  Wellington - East 590,776 2.8% -0.2% 2.5%
  Wellington - North 476,082 1.1% -0.8% 2.1%
  Wellington - West 628,804 2.6% 1.8% 3.5%
  Masterton 243,345 3.7% 2.5% -14.9%
  Carterton 265,722 2.1% -1.6% -4.6%
  South Wairarapa 305,942 2.7% 2.4% -9.5%
  Tasman 421,024 1.1% -0.3% 4.8%
# Nelson 412,534 2.7% 1.1% 7.7%
  Marlborough 353,959 2.2% 1.5% -9.2%
  Kaikoura 356,329 -2.2% -0.7% -17.5%
  Buller 208,731 -0.8% 8.2% 1.6%
  Grey 215,686 -4.6% -1.9% -11.8%
  Westland 225,888 -2.2% -2.4% -5.9%
  Hurunui 348,594 2.2% 2.9% 11.5%
  Waimakariri 415,972 2.7% 0.1% 29.9%
# Christchurch 474,403 3.8% 0.3% 25.0%
  Christchurch - East 355,382 3.4% 0.5% 14.8%
  Christchurch - Hills 648,713 3.6% 3.2% 17.3%
  Christchurch - Central & North 555,931 3.9% 0.2% 25.6%
  Christchurch - Southwest 453,155 3.8% -0.4% 33.5%
  Christchurch - Banks Peninsula 484,613 6.2% 0.8% 0.9%
  Selwyn 520,532 5.1% 0.9% 39.6%
  Ashburton 328,340 2.3% 0.8% 17.3%
  Timaru 300,959 6.8% 2.1% 19.9%
  MacKenzie 307,216 5.4% -2.0% 7.3%
  Waimate 208,869 6.4% 1.5% 10.8%
  Waitaki 227,452 3.4% 2.5% -0.4%
  Central Otago 326,480 4.0% 2.7% 3.0%
  Queenstown Lakes 717,130 7.2% 1.6% 4.3%
# Dunedin 293,446 1.2% 0.4% 2.5%
  Dunedin - Central & North 302,369 1.8% 0.1% 0.2%
  Dunedin - Peninsular & Coastal 274,295 2.0% 1.5% 1.3%
  Dunedin - South 279,328 -0.5% 0.5% -2.2%
  Dunedin - Taieri 305,448 1.9% 0.7% 3.9%
  Clutha 168,391 3.6% 1.5% -7.0%
  Southland 210,486 1.7% 1.8% -8.6%
  Gore 181,757 3.4% -0.7% 3.4%
# Invercargill 208,458 -0.6% -0.4% -5.5%
           
  Auckland Area         828,502 16.1% 5.4% 51.6%
  Wellington Area         457,908 1.3% 0.1% 0.5%
# Main Urban Areas         610,891 11.0% 3.8% 33.0%
           
  Total NZ         514,232 9.0% 3.1% 24.1%

 

 


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36 Comments

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Highlight new comments in the last hr(s).

Brave New World. NZ is showing the rest of the world how confidence is the only way out in the new global economic framework.

In Greenhithe this home sold for $1.65M last week, http://www.barfoot.co.nz/545794.
It needed a revamp inside as it was pretty dated. Has a shared driveway.
I live around the corner so I would expect my house to fetch maybe $1.4-1.5M, lesser land but no shared driveway.

but then have to buy again so where is the advantage, apart from taking the money and leaving auckland

Move to Gisborne and retire. Houses are cheap as chips and are now 25% below peak of 2007. Quality house in safe leafy suburb for 250-300000. Flights to Auckland cost $200 and is one hour away. Good climate with excellent fishing and surfing.

would be great if the jobs are there, 90% of my industry is based in Auckland.

Thats your industry and your bad luck. Lots of the country has less unemployment than Auckland and thus jobs are easier to get than in Auckalnd.

Snitch on your neighbours, where have I heard that before? Ah yes 1933-1945 Germany.

Then there was the German Stasi from 1950!

or the KGB,
we already have it, know anyone you don't like doing something wrong i.e trade doing a cashee
https://www.ird.govt.nz/online-services/service-name/services-a/online-a...

was always going to happen by giving a date in the future for people to get in before rules change.
Joe hockey was just on the news announcing an even tougher crack down on overseas buyers.
maybe if our news ran stories like below this government would act
http://www.smh.com.au/nsw/the-sydney-suburbs-where-minimum-wage-workers-...

10
up

Fueling our debt binge. It will be reported by the RBNZ later this month but as at 31 March 2015 New Zealanders were more leveraged than at any other time in history.

Kiwi's are preliminary forecast to have 161.6% household debt to nominal disposable income at 31 March. The previous high was in June 2009, just coming from the absolute depth of the crisis, and at 161.2. The rebound is a shame as Kiwi's were able to delever their position by 10.4% by 2012, but all those gains have reversed and then some. Sadly, the household debt trend from March is set to accelerate even further and where it will end up.

I think what most people don't realize is that high household debt, for example NZ and Australia, means relatively benign public debt or surplus. Unlike the public sector, households can get shafted if they can't meet debt obligations. But the govt knows that they have the power to spend massively in the case of an economic strom.

governments and councils can get shafted, they just pass on the pain. In fact that is exactly what cripples a lot of councils, the legacy burden passed on from the year before so they never have real clear ownership, only constant rental to the bank via interest forever.

previous post double posted whoops

Australia has a similar 'problem' Why? Stats like "Figures from Federal Treasury show there were 88,000 established homes in Sydney owned by temporary residents as of March 2015." That's 88,000 homes that according to their law HAVE to be sold when the owner leaves the country. But they haven't been....yet....

One day this will lead to civil war. A bit like Hunger games where the poor are relegated to the regions and rich reside in the big mega-cities.

There are very few chances for the poor to move into the cities.

I am talking a long time into the future though, when we have flying cars and stuff.

its already happening around the world in some countries the locals have turned on immigrate businesses.
will it happen here I hope not because I can still remember the queen street riot and the springbok tour.

Me too and I remember the absolute overwhelming sadness that went through my whole being. God forbid that anything happens like that again. But something or someone will have to have the balls to stop the greed that seems to be overwhelming society.

Wow, sounds exciting!

Let me see. Since 2007, Auckland UP 51.6%. Tauranga DOWN 0.2%. What does Graham Wheeler think is going to happen.......?! (NB: Even that speculators paradise, Queenstown, has only given their participants 4.3% in 8 years!)

Queenstown apartment market plunged in 2009, as foreign money left in droves it is recovering now but some places are still selling for 20% below what people paid for them. could it happen again yes why there a big problems in china where the central party officals are visiting banks to force them to lend

Excellent news...Boomers must be trading amongst themselves in a frenzy before the new laws come in. International City is Auckland, where everyone wants to live.

Len's eyes are lighting up with the cash ACC can collect as rates with these high property prices.
I can see him rubbing his hands... (I think they are his hands!)

Mark my words , this will not end well for some folk

Australian Fed Govt may have to remove negative gearing on investment properties. Opposition parties may have enough support to push it. If it's going ahead, only matter of time when NZ will have to follow suit.

And it will end very well for others. Such is life BM.

Based on the article picture I think the folks at interest.co.nz are predicting a happy ending.

Exploding fireworks...Yes I can see it will all end with a bang.

It sure didn't end well for the folks who sold their Auckland villa back in 2009.

i think AKL is doing a great job to distinguish itself from other cities in New Zealand.

Keep it up, AKL.

How?

If they could do it without the lion and lambs share of government and corporate head offices then I'd say they doing a good job. Sadly their success comes at the financial cost of the rest of New Zealand.

Really...what about the big beehive looking building in Wellington? What goes on in there Cowboy..milking cows?

same as monkeys in cages a lot of flinging of shite

Seems to be plenty left in the tank, the cyclical winter downturn has not even kicked in. My bets are on another 12-24 months of 10% increases in the AKL market. Better odds than our rugby team winning anyway!