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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