The average home within the former Auckland City Council boundaries is now worth more than $1 million, according to the latest figures from Quotable Value.
According to QV the average residential property's value within the former Auckland City's boundary was $1,003,144 based on sales over the three months to the end of June. That was up 5.1% compared to the three months to March and up 18.3% compared with 12 months earlier.
The average property's value on the North Shore was just under the million dollar mark at $988,000 (up 15.9% for the year), although coastal properties on the Shore had an average value of $1,128,224 (up 15.1% for the year), making them the most valuable in the country.
The cheapest place to buy a home in the Auckland region is Papakura where the average home's value is $511,075, up 18.5% for the year, followed by Franklin where it was $518,827, up 10.6% for the year.
Across the entire Auckland region the average value of all residential properties was $840,165, up 17% compared to a year ago.
Nationally the average home's value was $520,585 over the three months to June, up 9.3% compared to a year earlier.
However housing values rose far more modestly in other main centres.
In the Wellington region, the average value was $459,366, up just 1.5% compared to a year earlier, while in Christchurch average home values increased by 3.2% for the year to $474,269.
There was also strong growth in Tauranga, where the average value was $485,561, up 7.3% for the year and in Hamilton where it was $381,793, up 4.4% for the year although prices in the city's north east were up 5.3% and in the north west they were up 5%.
Aucklanders create 'degree of panic' in BOP
QV national spokesperson Andrea Rush said large number of Aucklanders were flocking to buy homes in Tauranga, Hamilton and the western Bay of Plenty, pushing up property values in those places.
"There are reports that of those present at open homes in Tauranga, as many as 60% are regularly from Auckland, while around 15% of all buyers in the Hamilton market are now from Auckland," she said.
"Home values in Tauranga City have accelerated by 4.1% over the past three months and 7.3% year on year and for the first time they have ticked over levels seen in the previous peak and are now 0.8% higher than they were in 2007. Values in the Western Bay of Plenty have also risen by 3.9% over the past three months, 4.8% year on year but they remain 3.3% below the previous peak of 2007," Rush added.
QV Tauranga registered valuer David Hume said homes in Tauranga and Papamoa are selling more quickly than they have done for several years and value levels are now considered to be at or above the 2007 peak. The high numbers of Aucklanders turning up at open homes has "created a degree of panic for local buyers not wanting to get priced out of the market."
"The $300,000 to $500,000 range is seeing the biggest demand, also fuelled by historically low interest rates," said Hume. “A much higher proportion of properties are being sold at auction as real estate agents are struggling to correctly price properties. There has also been a sharp increase in sales in the $1 million plus range, as lower value benchmarks increase. Real estate agents reporting a 100% increase in sales in this price bracket in comparison to 2014.”
“In the Western Bay of Plenty, the market is strengthening, sales volumes are up across the board and buyers are coming from far and wide," said Hume.
See the chart below for QV's average property values in all parts of the country.
|Territorial authority||Average current value||12 month change%||3 month change %|
|Main Urban Areas||619,250||11.5%||4.4%|
|Auckland - Rodney||730,774||8.4%||3.3%|
|Rodney - Hibiscus Coast||722,321||8.3%||2.8%|
|Rodney - North||740,723||8.5%||3.9%|
|Auckland - North Shore||988,124||15.9%||5.6%|
|North Shore - Coastal||1,128,224||15.1%||5.2%|
|North Shore - Onewa||803,207||18.8%||6.5%|
|North Shore - North Harbour||946,419||14.0%||5.5%|
|Auckland - Waitakere||670,454||19.4%||7.1%|
|Auckland - City||1,003,144||18.3%||5.1%|
|Auckland City - Central||862,943||15.4%||4.4%|
|Auckland_City - East||1,254,506||17.4%||4.9%|
|Auckland City - South||915,976||21.4%||6.1%|
|Auckland City - Islands||825,724||12.7%||-0.6%|
|Auckland - Manukau||699,425||17.1%||5.7%|
|Manukau - East||917,703||14.7%||5.4%|
|Manukau - Central||534,266||17.6%||7.0%|
|Manukau - North West||585,259||20.2%||5.4%|
|Auckland - Papakura||511,075||18.5%||6.3%|
|Auckland - Franklin||518,827||10.6%||4.8%|
|Hamilton - North East||484,686||5.3%||2.9%|
|Hamilton - Central & North West||357,632||5.0%||3.1%|
|Hamilton - South East||347,755||3.9%||0.6%|
|Hamilton - South West||335,524||3.7%||2.6%|
|Central Hawkes Bay||217,232||3.3%||1.8%|
|Wellington - Central & South||553,747||0.8%||0.2%|
|Wellington - East||591,617||3.9%||0.0%|
|Wellington - North||479,607||1.5%||-0.1%|
|Wellington - West||629,262||3.6%||2.1%|
|Christchurch - East||357,719||3.9%||1.3%|
|Christchurch - Hills||642,357||0.7%||0.9%|
|Christchurch - Central & North||555,394||3.5%||0.6%|
|Christchurch - Southwest||452,374||2.8%||-0.5%|
|Christchurch - Banks Peninsula||488,100||5.5%||2.2%|
|Dunedin - Central & North||305,077||2.7%||0.6%|
|Dunedin - Peninsular & Coastal||278,122||6.7%||4.1%|
|Dunedin - South||284,685||1.4%||3.4%|
|Dunedin - Taieri||305,221||2.5%||0.5%|