The average value of homes in Auckland is now $955,793 according to the latest figures from Quotable Value.
That is up 15.4% compared to a year ago and makes it increasingly likely that the average value of homes in the Auckland region could pass the million dollar mark in the next year or so.
If dwelling values in Auckland keep increasing at the same rate in the next 12 months as they have in the last 12 months, then they will pass $1 million later this year.
In the Wellington Region the average value of homes is $504,794, up 10.2% compared to a year earlier, and in Christchurch the average value is $490,137, up 3.3% for the year. (see table below for average values throughout the country).
Investors the driving force
QV national spokesperson Andrea Rush said investors were pushing up prices in many places.
"Residential property values are rising rapidly across Auckland again and they also continue to accelerate in many other parts of the country, with much of the activity driven by strong demand form investors," Rush said.
"Tauranga, Hamilton, Wellington, Dunedin and Queenstown values continue to see particularly strong growth, as do many other regional centres and smaller towns located within commuting distance of these main centres.
"Migration is continuing at the highest levels seen in 100 years and this population growth coupled with growing demand form investors, means housing supply, particularly in Auckland and Queenstown, is not able to keep up with demand and this is driving values ever higher.
"While it is clear Auckland needs more housing, both within the existing urban metropolitan boundary and 'future urban' zoned land, as well as new infrastructure to service it, it appears to be investor demand that's driving the rapid growth in Auckland and other parts of the country," Rush said.
Recent Reserve Bank figures show just how big a portion of residential mortgage lending is going to investors.
Within Auckland, the biggest growth in average dwelling values in the 12 months to May was in its southern districts, where property prices have traditionally been cheaper.
The biggest increase in average values occurred in Central Manukau where it was $643,369 in May, up 22.7% for the year.
The lowest increase in values was in the Gulf Islands, where the average value was $933,331 in May, up 11.8% for the year.
|Quotable Value Average Dwelling Value|
|Territorial authority||Average current value $||12 month change%||3 month change %|
|Main Urban Areas||688,908||12.8%||3.8%|
|Auckland - Rodney||849,107||17.6%||2.9%|
|Rodney - Hibiscus Coast||838,942||17.4%||3.6%|
|Rodney - North||860,503||17.8%||2.1%|
|Auckland - North Shore||1,110,891||14.1%||3.2%|
|North Shore - Coastal||1,268,592||14.0%||3.8%|
|North Shore - Onewa||887,738||12.5%||2.3%|
|North Shore - North Harbour||1,089,841||16.7%||3.1%|
|Auckland - Waitakere||765,019||16.5%||4.6%|
|Auckland - City||1,121,337||13.0%||3.0%|
|Auckland City - Central||982,427||14.8%||3.2%|
|Auckland_City - East||1,400,219||12.8%||3.1%|
|Auckland City - South||1,012,577||12.4%||2.6%|
|Auckland City - Islands||933,331||11.8%||4.9%|
|Auckland - Manukau||824,407||19.6%||4.4%|
|Manukau - East||1,054,687||16.5%||4.1%|
|Manukau - Central||643,369||22.7%||4.8%|
|Manukau - North West||706,122||22.4%||4.5%|
|Auckland - Papakura||611,026||20.7%||1.1%|
|Auckland - Franklin||599,937||17.1%||2.4%|
|Hamilton - North East||605,164||25.7%||5.4%|
|Hamilton - Central & North West||441,772||24.8%||3.5%|
|Hamilton - South East||439,842||26.8%||4.9%|
|Hamilton - South West||423,955||27.7%||5.0%|
|Central Hawkes Bay||226,025||4.3%||-1.9%|
|Wellington - Central & South||607,737||10.0%||3.7%|
|Wellington - East||672,759||13.9%||5.5%|
|Wellington - North||539,390||13.3%||4.6%|
|Wellington - West||709,540||12.8%||5.1%|
|Christchurch - East||371,639||4.6%||0.7%|
|Christchurch - Hills||664,228||2.4%||2.0%|
|Christchurch - Central & North||578,113||4.0%||1.6%|
|Christchurch - Southwest||463,270||2.2%||0.5%|
|Christchurch - Banks Peninsula||503,885||4.0%||0.8%|
|Dunedin - Central & North||336,617||11.3%||3.8%|
|Dunedin - Peninsular & Coastal||289,982||5.7%||3.3%|
|Dunedin - South||309,837||10.9%||4.8%|
|Dunedin - Taieri||336,419||10.1%||4.4%|
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