Average house values have begun falling in most of Hamilton and many parts of Auckland as the housing market cools, according to the latest figures from Quotable Value (QV).
The QV House Price Index for January shows average residential property values have fallen for two months in a row on the North Shore and in Waitakere and Manukau, but are continuing to rise in the rest of the Auckland region.
In Hamilton average values have fallen for two consecutive months in the north east, south east and south west suburbs, and fallen for one month in the central and north west suburbs (see table below).
However average values continue to rise in most other parts of the country, with the average value of homes throughout the country hitting $631,302 in January, up 13.5% compared to a year earlier.
And average values in Auckland and Hamilton remain well up on a year ago, with the average value of an Auckland home at $1,047,699 in January, up 12.8% compared to a year ago. And in Hamilton the average value was $531,337, up 18.6% compared to a year ago.
QV Homevalue Auckland manager James Steele said prices in Franklin and Pukekohe on the city’s southern flank remained strong as buyers looked further afield to find more affordable properties, and there had been a similar trend in the north of the city in Rodney.
“Meanwhile, the Waitakere, North Shore and Manukau housing markets have been slow going with vendors having to adjust their price expectations down to sell and open home attendances have been slow from November through January,” he said.
In Hamilton a two speed market had developed.
“We continue to see two tiers in the Hamilton housing market with properties above $550,000 continuing to attract buyers and those below $550,000 failing to sell at auction and taking longer to sell,” QV Homevalue valuer Stephen Hare said.
This was because investors were less active in the market and there was less competition for first home buyers, he said.
Other districts around the country where average values declined in January compared to December were Kaipara, Otorohanga, Waitomo, Opotiki, Wairoa, Stratford, Tararua, Wellington City West, Tasman, Kaikoura, Buller, Grey District, and Gore.
All other places apart from Auckland and Hamilton posted gains in their average values (see chart below for average values throughout the country):
|QV House Price Index January 2016|
|Territorial authority||Average value January 2016||12 month change%||3 month change %|
|Auckland - Rodney||933,456||13.7%||1.6%|
|Rodney - Hibiscus Coast||908,966||12.8%||1.3%|
|Rodney - North||961,450||14.5%||2.3%|
|Auckland - North Shore||1,214,291||12.5%||-0.5%|
|North Shore - Coastal||1,387,368||13.2%||-0.3%|
|North Shore - Onewa||971,364||11.2%||-1.9%|
|North Shore - North Harbour||1,189,924||12.8%||0.9%|
|Auckland - Waitakere||836,574||13.6%||-0.1%|
|Auckland - Central Isthmus||1,225,096||12.1%||1.3%|
|Auckland City - Central||1,065,420||12.0%||2.4%|
|Auckland_City - East||1,532,815||12.3%||2.4%|
|Auckland City - South||1,107,912||11.9%||-0.4%|
|Auckland City - Islands||1,036,288||14.8%||0.3%|
|Auckland - Manukau||901,422||13.7%||-0.5%|
|Manukau - East||1,158,197||13.9%||-1.3%|
|Manukau - Central||686,567||11.6%||-1.8%|
|Manukau - North West||781,110||15.7%||1.6%|
|Auckland - Papakura||684,172||12.6%||0.2%|
|Auckland - Franklin||660,557||13.1%||2.9%|
|Hamilton - North East||678,886||20.1%||-1.2%|
|Hamilton - Central & North West||489,611||15.9%||-2.2%|
|Hamilton - South East||482,333||18.0%||-1.5%|
|Hamilton - South West||466,235||17.5%||-0.3%|
|Central Hawkes Bay||253,787||12.6%||9.1%|
|Wellington - Central & South||703,433||20.6%||4.4%|
|Wellington - East||753,259||19.3%||4.3%|
|Wellington - North||627,791||23.0%||5.6%|
|Wellington - West||808,685||20.5%||3.0%|
|Christchurch - East||371,157||0.8%||-1.5%|
|Christchurch - Hills||667,077||2.0%||-2.0%|
|Christchurch - Central & North||588,632||3.7%||0.2%|
|Christchurch - Southwest||477,247||3.9%||1.4%|
|Christchurch - Banks Peninsula||514,403||4.0%||1.3%|
|Dunedin - Central & North||372,295||14.0%||5.0%|
|Dunedin - Peninsular & Coastal||320,180||12.9%||4.8%|
|Dunedin - South||342,080||16.7%||4.6%|
|Dunedin - Taieri||375,669||17.5%||6.0%|
|Main Urban Areas||754,572||13.6%||0.9%|