Housing values are continuing to rise around the country although value increases are mostly modest with just a few hotspots left in a cooling market, according to Quotable Value (QV).
QV says the average value of all dwellings throughout New Zealand was $681,545 based on sales over the three months to the end of November, up 1.3% compared to three months earlier and up 3.5% compared to 12 months earlier.
However while property values are still rising overall, the rate of growth is declining, with the annual rate of growth dropping to 3.5% in November from 5.4% in October.
But there are still a few hotspots, with Invercargill, Dunedin, Whanganui, Palmerston North, Napier, Whangarei and several smaller towns and districts maintaining double digit value growth over the last 12 months, and stronger than average value growth in the last three months.
However the Auckland market was basically flat, with homes in the region having an average value of $1,050,647 in November, up just 0.1% over the last three months and up just 0.4% compared to 12 months ago.
And in some parts of Auckland such as Rodney, and Papakura, average values were slightly lower than they were three months ago.
Value growth was also pretty lacklustre in Christchurch, with the city's average value of $495,742 being up just 0.4% compared to 12 months earlier, and the average value of homes in the city's central and northern suburbs being 0.7% lower than 12 months earlier.
But value growth remains robust in the Wellington region, where dwellings had an average value of $685,387 in November, up 8.1% compared to a year earlier.
Throughout the Wellington region the average annual value increases ranged from 3.4% in Wellington City's western suburbs to 9.3% in Porirua. (See the table below for the full regional figures).
"New Zealand's more affordable main centres, particularly Dunedin and the wider Wellington region, continue to show a strong rate of growth in a cooling market," QV says in its November report.
"Dunedin, with a relatively affordable entry price coupled with attractive premium areas, continues to appeal to a variety of buyers, leading to strong quarterly value growth of 3.8%."
"At the same time, the top end of the market, those areas with average values above $1 million such as Queenstown-Lakes, are generally experiencing a cool down in market activity and growth, the report said."
"There is still plenty of activity taking place following the spring surge in activity although value growth is fairly modest overall," QV General Manager David Nagel says.
"The recently announced loosening of the LVR [loan-to-value ratio mortgage] restrictions should inject energy into the market although I wouldn't anticipate its impact will be overly significant," he says.
|QV House Price Index - November 2018|
|Territorial authority||Average current value $||12 month change%||3 month change %|
|Total New Zealand||681,545||3.5%||1.3%|
|Auckland - Rodney||943,053||0.8%||-0.7%|
|Rodney - Hibiscus Coast||921,316||0.6%||-1.3%|
|Rodney - North||965,739||1.0%||-0.1%|
|Auckland - North Shore||1,215,601||0.2%||0.1%|
|North Shore - Coastal||1,381,946||0.1%||-0.5%|
|North Shore - Onewa||979,159||0.5%||0.9%|
|North Shore - North Harbour||1,194,331||0.3%||0.9%|
|Auckland - Waitakere||826,280||0.6%||0.6%|
|Auckland - City||1,239,592||-0.2%||-0.1%|
|Auckland City - Central||1,090,427||0.4%||2.3%|
|Auckland_City - East||1,558,780||-0.7%||-1.0%|
|Auckland City - South||1,097,192||0.3%||-0.9%|
|Auckland City - Islands||1,171,450||1.4%||-1.1%|
|Auckland - Manukau||906,928||1.7%||0.9%|
|Manukau - East||1,159,206||1.3%||0.9%|
|Manukau - Central||706,492||2.8%||0.9%|
|Manukau - North West||783,961||1.8%||0.8%|
|Auckland - Papakura||698,825||1.0%||-0.6%|
|Auckland - Franklin||671,732||1.8%||0.4%|
|Hamilton - North East||710,185||3.0%||-0.7%|
|Hamilton - Central & North West||516,983||3.4%||1.1%|
|Hamilton - South East||519,924||5.8%||2.3%|
|Hamilton - South West||507,087||3.6%||3.6%|
|Central Hawke's Bay||350,506||19.6%||0.9%|
|Wellington - Central & South||802,787||8.1%||3.4%|
|Wellington - East||865,336||8.1%||4.5%|
|Wellington - North||734,740||8.9%||3.6%|
|Wellington - West||907,187||3.4%||2.0%|
|Christchurch - East||374,801||0.9%||0.2%|
|Christchurch - Hills||667,195||0.9%||-0.7%|
|Christchurch - Central & North||581,463||-0.7%||-0.2%|
|Christchurch - Southwest||474,431||0.9%||0.8%|
|Christchurch - Banks Peninsula||527,157||2.5%||2.8%|
|Dunedin - Central & North||452,174||12.1%||3.0%|
|Dunedin - Peninsular & Coastal||397,546||12.0%||5.7%|
|Dunedin - South||411,561||11.8%||5.6%|
|Dunedin - Taieri||442,954||11.3%||2.6%|
|Main Urban Areas||790,957||2.4%||1.0%|