Housing values are rising faster in Queenstown/Lakes, the Waikato, Tauranga and Wellington than in Auckland, according to the latest figures from Quotable Value (QV).
QV says the average value of homes in the Queenstown/Lakes district is now $959,282, up a whopping 30.7% in 12 months.
However the biggest growth in average values has been in Kawerau in the Bay of Plenty, although it has come off a very low price base, with the average value in the town now $150,723, up 43.2% compared to a year ago.
There has also been very strong growth in average values in the Western Bay of Plenty +29.3%, Waikato +28.7%, Tauranga +28.1%, Matamata Piako +26.2%, Rotorua +25%, Opotiki +24.8%, and Wellington +21.2%.
Those areas are leaving Auckland and Christchurch in the shade, with average values across the Auckland region rising by a comparatively modest 15% over the last year, while average values in Christchurch are up a paltry 4.4% (see table below for average values throughout the country).
QV national spokesperson Andrea Rush said the introduction of the new loan-to-value ratio (LVR) restrictions for residential property investors was having less impact in many provincial centres where prices were cheaper than they were in Auckland, Hamilton and Tauranga.
"Despite a clear slowing in activity and demand in the Auckland, Hamilton and Tauranga markets since the introduction of the new LVR restrictions for investors, we are seeing little evidence of a slow down in value growth in these areas," she said.
"Centres with entry level properties under $350,000 less impacted by the new LVR restrictions, most likely due to the new 40% deposit requirement for investment properties being easier to achieve at a lower price point."
The only areas where average values decreased over the last year were the Buller, Grey and Westland districts of the South Island and the south western suburbs of Christchurch.
Suburbs on the easetrn flanks of what was the former Auckland City Council boundary, which inlcude seaside suburbs such as St Heliers and Mission Bay, are the most expensive in the country with an average value of nearly $1.5 million, while the cheapest district within the Auckland region is Franklin on its southern fringe where the average value is $629,381.
|QV House Price Index|
|Time period: Three months ended September 30, 2016|
|Territorial authority||Average current value $||12 month change%||3 month change %|
|#||Main Urban Areas||743,012||14.4%||5.2%|
|Total New Zealand||619,660||14.3%||4.9%|
|Auckland - Rodney||894,816||17.0%||4.8%|
|Rodney - Hibiscus Coast||877,070||16.2%||4.1%|
|Rodney - North||913,102||17.7%||5.3%|
|#A||Auckland - North Shore||1,207,974||14.8%||6.3%|
|North Shore - Coastal||1,375,501||14.1%||6.1%|
|North Shore - Onewa||975,610||13.9%||6.8%|
|North Shore - North Harbour||1,177,378||17.9%||6.3%|
|#A||Auckland - Waitakere||824,528||14.5%||6.9%|
|#A||Auckland - City||1,194,608||13.0%||4.2%|
|Auckland City - Central||1,021,399||11.8%||2.6%|
|Auckland_City - East||1,482,962||13.2%||3.5%|
|Auckland City - South||1,102,652||13.7%||6.0%|
|Auckland City - Islands||1,030,893||16.7%||6.3%|
|#A||Auckland - Manukau||895,932||17.5%||6.4%|
|Manukau - East||1,154,978||18.1%||6.6%|
|Manukau - Central||690,259||15.8%||6.2%|
|Manukau - North West||764,574||18.2%||5.6%|
|#A||Auckland - Papakura||667,893||17.4%||6.6%|
|Auckland - Franklin||629,381||13.6%||2.9%|
|Hamilton - North East||676,962||28.1%||7.8%|
|Hamilton - Central & North West||495,317||27.4%||9.6%|
|Hamilton - South East||477,746||25.0%||6.3%|
|Hamilton - South West||461,971||26.5%||6.1%|
|Central Hawkes Bay||230,851||10.5%||-0.3%|
|Wellington - Central & South||662,607||19.4%||5.6%|
|Wellington - East||718,160||21.8%||4.2%|
|Wellington - North||586,812||22.5%||7.1%|
|Wellington - West||768,997||22.0%||5.6%|
|Christchurch - East||374,461||3.9%||0.4%|
|Christchurch - Hills||680,165||6.7%||2.5%|
|Christchurch - Central & North||584,553||5.5%||1.2%|
|Christchurch - Southwest||442,873||-2.5%||-4.7%|
|Christchurch - Banks Peninsula||513,548||3.7%||-0.1%|
|Dunedin - Central & North||355,987||13.1%||3.9%|
|Dunedin - Peninsular & Coastal||304,687||11.5%||4.8%|
|Dunedin - South||324,084||12.2%||3.8%|
|Dunedin - Taieri||348,372||11.2%||2.3%|
|Notes on the above data:|
|1. The information included in the above table is based on the monthly QV House Price index. This index is powered by CoreLogic and is calculated based on the sales data entered into CoreLogic's system in the previous 3 month period. For example, information for the period ending June will be calculated based on sales entered between April 1 and June 30.|
|2. The average current value is the average (mean) value of all developed residential properties in the area based on the latest index. It is not an average or median sales price, as both of those only measure what happens to have sold in the period.|
|3. The percentage change over three months, twelve months and since the 2007 market peak are based on the change in the property value index between that time and the current.|
|4. Any of the statistical data shown in italics are calculated based on a sample set of data that is less than the recommended minimum. These results should be used with caution. Those showing N/A had too few sales to generate an index|