Average residential property values are dropping in Auckland but rising elsewhere, according to the latest figures from Quotable Value (QV).
QV says the average value of homes in Auckland dropped from $933,264 in December to $928,921 in January, a decline of $4,343 or 0.5%.
Average values fell particularly sharply in coastal suburbs of the North Shore, dropping from $1,244,765 in December to $1,225,307 in January, a decline of nearly $20,000 in a month.
For the whole of the North Shore average residential property values dropped form $1,089,745 in December to $1,079,445 in January.
Values also declined in the central isthmus district (suburbs within the boundaries of the former Auckland City Council) where the average value of homes dropped from $1,095,838 in December to $1,092,459 in January.
In Waitakere average values dropped from $748,011 in December to $736,745 in January and in Manukau they dropped from $796,027 in December to $792,505 in January.
However average values continued to rise in Rodney, up from $815,353 in December to $820,973 in January, and in Papakura where they rose from $601,717 in December to $607,837 in January, and in Franklin where they were up from $580,110 in December to $584,173 in January.
QV national spokesperson Andrea Rush said it was the first time in more than a year that average housing values had decreased in the central Auckland suburbs of the former Auckland City Council.
"The value decreases in parts of Auckland could be in part due to the seasonal impact of the holiday period and the housing market may pick up in the usually busiest months of the year, February and March," she said.
"However it is more likely to be a continuation of softening in the market we saw following the introduction of new rules by the government and the Reserve Bank to curb investor activity in Auckland and the restrictions on the flow of capital out of China that occurred late last year."
QV Homevalue registered valuer James Wilson said although the Auckland market had softened, there was still good demand for new homes.
"January has seen a continuation of the softening market conditions prevalent in the latter months of 2015, characterised by decreased activity and an easing of some Auckland sub-markets, particularly investor housing stock," he said.
"However, demand for recently constructed dwellings or purchases off-the-plan is still extremely strong particularly for developments which offer smaller layouts such as attached townhouses or apartments as they offer more affordable options for buyers."
Values rising elsewhere
However average values were continuing to rise in other main centres, with the average value of homes in the Wellington region increasing from $476,634 in December to $482,716 in January, while in Christchurch the average value of homes rose slightly from $482.043 in December to $484,118 in January.
In Hamilton the average value of homes rose from $444,211 in December to $447,921 in January and in Tauranga the average value of homes rose from $541,881 in December to $557,313 in January.
There was also a big jump in average property values in the Queenstown/Lakes district, where they increased from $776,671 in December to $790,112 in January.
In Dunedin they rose from $308,944 in December to $310,887 in January.
Rush said Wellington values were increasing at their fastest pace since prior to the previous peak in 2007 and there was good optimism in the Christchurch and Dunedin markets.