The average value of homes in the Auckland region has passed the million dollar mark for the first time, according to data released by two valuation organisations.
Quotable Value (QV) says the average value of dwellings in the Auckland region is $1.014 million while newcomer on the block Homes.co.nz estimates that it is slightly higher at $1.03 million.
QV says average housing values in Auckland have increased 6.1% over the last three months and have risen 15.9% in the last 12 months.
Across the entire country the average value of all homes is $612,527, up 6% in the last three months and up 14.6% over the last 12 months, according to QV.
In other major centres the average value in the Wellington Region is $643,986, up 5.6% in the last three months and up 17.7% in the last 12 months.
Increases in values have been more modest in Christchurch where the average value is $492,766, up 0.5% in the last three months and up 3.5% compared to a year ago.
However QV's figures show the biggest gains in residential property values have occurred in the upper North Island south of Auckland, with the average dwelling value in Hamilton rising by 29.3% over the last 12 months to hit $518,387.
In Tauranga average values have risen 28.5% over the last 12 months to $633,638 and in Rotorua they are up 27.1% to $347,966.
The biggest annual rise in residential values has occurred in the Central North Island town of Kawerau, where they have risen by a whopping 50.1% over the last 12 months and 19.2% over the last three months, although that was off a very low base and the average dwelling value in the town is still just $152,647.
The next biggest increase occurred in Otorohanga where average values have risen 35.3% over the last 12 months to $263,633.
The only South Island centre where average valuations have risen at rates approaching those in the upper North Island is Queenstown, where they are up 27.2% over the last 12 months to $930,154.
The only place in the country to record a decline in average value over the last year is the Grey district on the West Coast where it dropped by 3.3% to $213,901.
QV national spokesperson Andrea Rush said although the housing market had remained strong in June and July there were now signs it was starting to cool.
"It now appears the new LVR restrictions for investors adopted by banks towards the end of July have started to have an impact in the housing markets in Auckland, Tauranga and Hamilton during August," she said.
In recent weeks there has been a drop off in market valuation requests, auction clearance rates, open home attendees and loan application rates in those centres."
"The Christchurch market by comparison is relatively flat with a shortage of listings in the market resulting in not much activity apart from new builds and subdivisions."
To see QV's average valuations for all parts of the country click on the following link: