QV index shows a mix of house value moves in Auckland, still rising elsewhere

The expectation of large windfall gains from housing is gone and, for most of the Auckland region, the small gains made over the last year are below the rate of inflation.

Quotable Value Ltd, in its monthly price index out today, noted that “spring has injected energy into the market”, “first-homebuyers continue to be a major force across many parts of New Zealand”, and “nationwide residential property values have increased steadily over the past year”.

On the reverse, “supply still remains low, which is keeping values at or near their current levels”, “high-value areas are generally seeing a slowdown in the rate of growth as affordability constraints take effect”, and “in many cases, sellers are refusing to sell below their expectations, which is keeping values either at or slightly below their current levels”.

According to the realestate.co.nz website run by the Real Estate Institute, new listings in Auckland are up 20.1% on a year ago, 14.6% nationally, the average asking price in Auckland is down 1.3% from a year ago, 2.1% nationally, and it’s taking longer to sell.

QV’s index showing value movements in the last quarter presents a mix around Auckland – small rises in the cheapest area of the North Shore, Waitakere, the central isthmus, eastern & central Manukau, and Franklin, otherwise down.

Around the country, the falls in the last 3 months are far less common as catchup continues outside Auckland.

QV’s national index shows a 5.4% gain over 12 months, 1% over 3 months. Auckland rose 1.1% over the year but fell 0.3% over the quarter.

Below, the dollar figure is the average value for October. The first percentage is for the 3 months to October, the second is for the last 12 months (QV switches those around in its tables) and the third is the change since the 2007 peak. For Auckland, QV still works on the old council boundaries (councils marked in bold); Kaipara & the Hauraki Gulf Islands, as usual, have low counts:

Auckland region, $1,049,689, -0.3%, 1.1%, 92.1%
Rodney, $941,102, -0.6%, 0.8%, 60.4%
North, $963,008, -0.4%, 0.9%, 60.3%
Hibiscus Coast, $920,014, -0.8%, 0.7%, 56.6%
North Shore, $1,217,762, -0.5%, 1.4%, 88.7%
Coastal, $1,394,276, -0.4%, 2.3%, 85.0%
Onewa, $975,547, 0.3%, -0.6%, 96.7%
North Harbour, $1,184,756, -1.5%, 1.4%, 95.0%
Waitakere, $828,326, 0.5%, 1.2%, 95.4%
Auckland City, $1,238,448, -0.6%, 1.2%, 98.9%
Central, $1,087,510, 0.5%, 0.7%, 91.0%
East, $1,560,581, -0.8%, 1.7%, 95.8%
South, $1,097,597, -0.9%, 0.6%, 103.9%
Islands, $1,146,730, -1.9%, 2.9%, 79.4%
Manukau, $903,386, 0.4%, 1.1%, 97.4%
East, $1,157,941, 0.6%, 0.6%, 94.3%
Central, $703,942, 0.8%, 2.0%, 87.3%
North-west, $777,828, -0.3%, 1.8%, 110.5%
Papakura, $700,919, -0.6%, 2.4%, 94.8%
Franklin, $670,991, 0.9%, 0.8%, 69.6%

Northern border, down country & nationally:

Whangarei, $551,549, 3.6%, 11.3%, 39.2%
Kaipara, $544,364, 0.8%, 7.8%, 37.2%
Waikato, $488,001, 3.3%, 6.7, 61.2%
Hamilton, $573,757, 2.8%, 5.7%, 58.7%
Tauranga, $709,746, 1.2%, 3.3%, 47.4%
Gisborne, $322,480, 3.0%, 9.8%, 8.5%
Wellington region, $672,701, 2.9%, 10.2%, 47.6%
Christchurch, $494,082, -0.3%, 0.7%, 30.2%
Queenstown Lakes, $1,180,082, 1.1%, 8.0%, 71.6%
Dunedin, $422,674, 2.8%, 10.5%, 47.7%
Invercargill, $280,275, 4.9%, 13.1%, 27.1%
Total NZ, $681,802, 1.0%, 5.4%, 64.5%

Attribution: QV, realestate.co.nz.

, ,

Comments are closed.