Housing values were largely flat in Central Auckland, Waitakere and Manukau in December but continued rising in other parts of Auckland and elsewhere in the country, according to the latest figures from Quotable Value (QV).
According to QV, the average value of homes in Central Auckland (the area within the boundaries of the former Auckland City Council prior to the Super City amalgamation) was $1,095,838 in December, barely changed from November's average of $1,095,480. Nonetheless this was up 20.7% on December 2014 (see the chart below for average values in all districts of NZ).
Similarly, the average residential property value in Manukau was $796,027 in December, down slightly from November's average of $796,950, but up 26.3% compared to December 2014. The average value of homes in Waitakere increased slightly from $747,664 in November to $748,011 in December, which was up 25.6% for the year.
The North Shore posted modest increases in December, with an average value of $1,089,745 compared to $1,088,059 in November but December's figure was still up 22% for the year.
The biggest rises in housing values in December were on Auckland's northern and southern flanks, with average values continuing to rise strongly in Rodney, Papakura and Franklin.
The average value of all homes in the Auckland region rose from $931,807 in November to $933,264 in December, up 22.5% compared with December 2014.
The biggest value increases in Auckland during the year were in south Auckland, with average values in Papakura up +29.9% in December compared to a year earlier, followed by Manukau Central +29.3% and north west Manukau +28% (refer chart below).
Changes starting to bite
However the figures also suggest the rate of growth in property values in Auckland is slowing.
In November last year the average value of Auckland homes was up 24.4% compared to a year earlier, but in December that had fallen back to 22.5%.
In Waitakere the annual increase in average values dropped from 28.4% in November to 25.6% in December, on the North Shore it dropped form 24.1% to 22%, and in Central Auckland it dropped from 22.8% to 20.7%.
QV national spokesperson Andrea Rush said tougher LVR restrictions for Auckland property investors and new tax rules for property buyers who sell houses within two years had slowed the Auckland market towards the end of last year. Foreign buyers also now have to register with the IRD and have a New Zealand bank account. (A clamp down by the Chinese government on money flowing out of China has also been cited as helping slow the Auckland housing market).
"Following the introduction of the new measures in October and November, the rate of growth in the Auckland market slowed, while values in many other centres including Wellington and Dunedin saw significant value increases," Rush said.
It is also likely that the full effects of the changes are not yet showing up in QV's figures because it can take two or three months or even longer from the time a sale price is agreed for it to flow through to QV's valuation updates.
Strong growth in Tauranga & Hamilton
In most parts of the country outside of Auckland, December's average values continued to rise compared to November and December 2014.
There were particularly strong rises in Hamilton where December's average of $444,211 was up 19.5% on a year earlier and in Tauranga where December's average of $541,881 was up 18.2% for the year.
But growth in values was much more subdued around the rest of the country, with the annual increase in average values in all districts south of the upper North Island (except Queenstown Lakes and the MacKenzie country) confined to single digits.
In Wellington the average value of homes was $569,370 in December, up 5.2% compared to a year earlier and in Christchurch the average value was $482,043 in December, up just 2.6% for the year.
In Dunedin the average value was $308,944 in December, up 5.7% for the year and in Queenstown-Lakes it was $776,671, up 12.1%.
QV Average Residential Property Values $
|Main Urban Areas||575,053||667,220||669,091||16.4%|
|Auckland - Rodney||686,579||801,398||815,353||18.8%|
|Rodney - Hibiscus Coast||681,661||789,822||804,163||18.0%|
|Rodney - North||692,586||814,954||828,212||19.6%|
|Auckland - North Shore||893,263||1,088,059||1,089,745||22.0%|
|North Shore - Coastal||1,016,669||1,244,613||1,244,765||22.4%|
|North Shore - Onewa||727,282||877,753||878,235||20.8%|
|North Shore - North Harbour||860,260||1,048,381||1,053,882||22.5%|
|Auckland - City||907,819||1,095,480||1,095,838||20.7%|
|Auckland City - Central||789,752||951,386||950,815||20.4%|
|Auckland_City - East||1,137,909||1,367,684||1,373,235||20.7%|
|Auckland City - South||819,352||994,392||991,153||21.0%|
|Auckland City - Islands||767,788||900,946||906,239||18.0%|
|Auckland - Manukau||630,167||796,950||796,027||26.3%|
|Manukau - East||825,278||1,019,388||1,021,890||23.8%|
|Manukau - Central||479,063||622,567||619,257||29.3%|
|Manukau - North West||529,243||676,901||677,480||28.0%|
|Auckland - Papakura||463,342||595,557||601,717||29.9%|
|Auckland - Franklin||483,529||575,259||580,110||20.0%|
|Hamilton - North East||468,100||554,583||561,436||19.9%|
|Hamilton - Central & North West||344,506||406,515||416,497||20.9%|
|Hamilton - South East||342,030||396,811||406,574||18.9%|
|Hamilton - South West||328,673||383,684||392,860||19.5%|
|Central Hawkes Bay||201,592||213,234||219,067||8.7%|
|Wellington - Central & South||552,105||564,985||573,201||3.8%|
|Wellington - East||592,682||608,460||624,730||5.4%|
|Wellington - North||471,642||489,284||499,707||6.0%|
|Wellington - West||614,826||643,393||657,850||7.0%|
|Christchurch - East||351,189||364,385||366,011||4.2%|
|Christchurch - Hills||626,857||649,558||653,696||4.3%|
|Christchurch - Central & North||551,899||565,568||567,476||2.8%|
|Christchurch - Southwest||449,896||455,177||455,464||1.2%|
|Christchurch - Banks Peninsula||486,868||487,377||489,905||0.6%|
|Dunedin - Central & North||300,925||323,425||324,600||7.9%|
|Dunedin - Peninsular & Coastal||270,935||280,648||277,251||2.3%|
|Dunedin - South||278,627||287,399||291,984||4.8%|
|Dunedin - Taieri||304,430||316,037||319,020||4.8%|