The average value of homes in Auckland is now $975,087, according to Quotable Value, making it increasingly likely that the average value of homes in the region will pass the million dollar milestone later this year.
QV's valuation figures based on sales for the three months ended June show that property values around the country are continuing to rise.
The average value of all homes in the country, was $590,909 in June, up 13.5% compared to a year earlier.
In the Wellington region it was $516,430 in June, up 12.4% for the year and in Christchurch it was $491,148, up 3.6% for the year.
However the biggest increase in dwelling values over the last year has occurred just south of Auckland. Average values in Hamilton rose 29% over the last 12 months to hit $492,403 in June, and in Tauranga they have risen 23.6% over the last year to hit $599,915 in June.
QV national spokesperson Andrea Rush said housing values were rising at their fastest rate since 2004.
"Many housing markets around the country are continuing to be driven by strong investor demand, low interest rates, rapid price growth in the Auckland market and strong net migration," she said.
The latest CoreLogic data showed that 46% of all sales in Auckland were to investors, she said.
"The Reserve Bank is considering introducing further restrictions on property investors and it appears this may have led to a surge in investor purchases in various housing markets around the country over the last month," she said.
There are now only two places in the country where average dwelling values are less than they were 12 months ago, Wairoa on the east coast of the North Island, where the average value was $148,049 in June, down 2.4% compared to a year ago, and Westland, where the average value was $218,688 in June, down 5.7% compared to a year earlier.
The second most expensive place in the country after Auckland is the Queenstown Lakes District, where the average dwelling value was $899,335 in June, up 25% compared to a year earlier.
See the table below for the average dwelling values throughout the country.
QV House Price Index June 2016:
|Territorial authority||Average current value $||12 month change%||3 month change %|
|Main Urban Areas||706,477||14.1%||5.9%|
|Auckland - Rodney||854,183||16.9%||2.9%|
|Rodney - Hibiscus Coast||842,575||16.6%||3.8%|
|Rodney - North||867,065||17.1%||2.0%|
|Auckland - North Shore||1,135,868||15.0%||5.4%|
|North Shore - Coastal||1,296,298||14.9%||6.2%|
|North Shore - Onewa||913,236||13.7%||5.3%|
|North Shore - North Harbour||1,107,688||17.0%||3.9%|
|Auckland - Waitakere||771,270||15.0%||4.3%|
|Auckland - City||1,146,639||14.3%||4.9%|
|Auckland City - Central||995,878||15.4%||3.8%|
|Auckland_City - East||1,432,904||14.2%||5.2%|
|Auckland City - South||1,039,992||13.5%||5.2%|
|Auckland City - Islands||970,126||17.5%||7.2%|
|Auckland - Manukau||842,142||20.4%||5.3%|
|Manukau - East||1,083,365||18.1%||5.8%|
|Manukau - Central||649,964||21.7%||4.3%|
|Manukau - North West||724,180||23.7%||5.8%|
|Auckland - Papakura||626,439||22.6%||2.2%|
|Auckland - Franklin||611,898||17.9%||3.7%|
|Hamilton - North East||628,043||29.6%||8.4%|
|Hamilton - Central & North West||451,921||26.4%||5.4%|
|Hamilton - South East||449,378||29.2%||5.3%|
|Hamilton - South West||435,483||29.8%||6.7%|
|Central Hawkes Bay||231,582||6.6%||3.8%|
|Wellington - Central & South||627,244||13.3%||5.7%|
|Wellington - East||689,324||16.5%||6.0%|
|Wellington - North||548,069||14.3%||5.0%|
|Wellington - West||728,296||15.7%||5.7%|
|Christchurch - East||372,878||4.2%||1.1%|
|Christchurch - Hills||663,657||3.3%||1.7%|
|Christchurch - Central & North||577,779||4.0%||1.3%|
|Christchurch - Southwest||464,539||2.7%||0.5%|
|Christchurch - Banks Peninsula||514,123||5.3%||4.3%|
|Dunedin - Central & North||342,492||12.3%||4.4%|
|Dunedin - Peninsular & Coastal||290,662||4.5%||2.7%|
|Dunedin - South||312,140||9.6%||4.1%|
|Dunedin - Taieri||340,573||11.6%||3.8%|