Average property values are continuing to decline in Auckland and the rate of growth is slowing in the rest of the country, according to the latest monthly figures from Quotable Value (QV).
The average value of residential property in Auckland has fallen for four months in a row, although the decline is slow and steady rather than dramatic.
It has dropped from $1,050,647 in November to $1,039,917 in March (-$10,730), or a drop of just over 1%.
And the average value in Auckland is now down 1.5% compared to where it was in March last year.
The decline has affected all districts within the city except Rodney, where the average value in March was up 0.3% compared to a year ago.
The biggest declines have been in Auckland's more expensive districts such as coastal North Shore, where the average value is down 4.1% compared to a year ago, followed by North Harbour down 3.2%, Gulf Islands down 2.9% and Manukau's eastern suburbs down 2%.
Dunedin the most buoyant main centre
Around the rest of the country average values are still mostly rising, however the rate at which they are rising is slowing, suggesting housing markets in other centres are now following Auckland and starting to ease.
Dunedin remains the most buoyant main centre, with the average value there up 13.3% in March compared to a year earlier, followed by the Wellington region 8.4%, Hamilton 4.5%, and Tauranga 3.7%. Values were almost flat in Christchurch with just 0.6% growth compared to a year ago (see the table below for the figures for all districts throughout the country).
"Our latest figures show that value growth continues to slow overall, with the national annual growth rate dropping from 7.3% in March last year to a current rate of 2.6%," QV General Manager David Nagel said.
Affordability constraints are a key factor behind this slowdown, particularly in areas such as [the former] Auckland City, which has an average value of $1,230,817.
"The strongest value growth is generally being seen in areas such as Rotorua and the Hawke's Bay," Nagel said.
|QV House Price Index - March 2019|
|Territorial authority||Average current value $||12 month change%||3 month change %|
|Total New Zealand||686,523||2.6%||0.5%|
|Auckland - Rodney||953,096||0.3%||0.2%|
|Rodney - Hibiscus Coast||928,429||0.9%||-0.1%|
|Rodney - North||977,895||-0.2%||0.4%|
|Auckland - North Shore||1,197,945||-3.1%||-1.2%|
|North Shore - Coastal||1,363,259||-4.1%||-1.5%|
|North Shore - Onewa||963,355||-0.8%||-0.6%|
|North Shore - North Harbour||1,180,331||-3.2%||-1.2%|
|Auckland - Waitakere||814,078||-1.3%||-1.1%|
|Auckland - City||1,230,817||-1.1%||-0.2%|
|Auckland City - Central||1,086,907||-0.8%||0.4%|
|Auckland_City - East||1,541,614||-1.6%||-0.4%|
|Auckland City - South||1,093,500||-0.4%||-0.2%|
|Auckland City - Islands||1,124,220||-2.9%||-3.6%|
|Auckland - Manukau||892,867||-1.1%||-1.5%|
|Manukau - East||1,136,097||-2.0%||-1.8%|
|Manukau - Central||695,800||-0.5%||-1.7%|
|Manukau - North West||776,746||-0.3%||-1.0%|
|Auckland - Papakura||691,235||-1.7%||-1.4%|
|Auckland - Franklin||671,797||-0.5%||-0.3%|
|Hamilton - North East||722,263||3.3%||1.3%|
|Hamilton - Central & North West||535,166||3.7%||1.3%|
|Hamilton - South East||535,462||6.7%||2.0%|
|Hamilton - South West||519,467||4.1%||1.8%|
|Central Hawke's Bay||379,225||15.6%||5.7%|
|Wellington - Central & South||822,272||7.2%||2.0%|
|Wellington - East||890,622||8.6%||2.4%|
|Wellington - North||758,244||9.7%||1.8%|
|Wellington - West||937,822||5.7%||1.5%|
|Christchurch - East||375,247||1.1%||-0.1%|
|Christchurch - Hills||680,774||1.8%||1.4%|
|Christchurch - Central & North||586,830||0.9%||0.8%|
|Christchurch - Southwest||471,969||-0.4%||-0.7%|
|Christchurch - Banks Peninsula||520,303||2.6%||-0.8%|
|Dunedin - Central & North||466,662||13.0%||3.4%|
|Dunedin - Peninsular & Coastal||412,228||12.4%||2.4%|
|Dunedin - South||432,127||15.1%||4.2%|
|Dunedin - Taieri||467,822||12.5%||4.0%|
|Main Urban Areas||792,687||1.4%||0.2%|
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