Press Release – Quotable Value New Zealand
The latest monthly property value index shows that nationwide residential values increased further in January. Values are up 1.5% over the past three months, 6.2% up over the past year, and 2.6% above the previous market peak of late 2007.
Values in the wider Auckland area have continued to increase, now up 10.2% over the past year and up 3.0% over the past three months.
Old Auckland City and North Shore continue to have the steepest increases over the past 12 months, up 11.1% and 10.2% respectively, with Manukau and Waitakere close behind, up 9.7% and 9.2% respectively.
Values in the wider Auckland area are now 12.4% above the previous market peak in 2007, led by old Auckland City which is 15.9% above that mark.
QV Operations Manager Kerry Stewart said “There is still good activity in the Auckland market with the West especially very active over the last 6 weeks. Areas like New Lynn, Titirangi and Te Atatu are in good demand, with subdivisions in Henderson, Swanson and Massey also surging ahead. Generally we are seeing a lot of first home buyers active with investors also starting to look.”
“In Central Auckland we have seen houses priced over $2 million start to stabilise, with many selling after auction. This is in contrast to properties under $1 million which are still sought after, often selling prior to auction or having their auction dates moved forward due to keen buyer interest” said Kerry Stewart.
“Lifestyle properties throughout the region are moving slowly however, although prices are still relatively steady. Although there is a lot of stock available, aspects like travel times and traffic to these areas could be playing a big role as to why the demand has slowed” said Kerry Stewart.
Hamilton and Tauranga
Values in Hamilton have increased a little recently, up 3.7% above last year and 1.0% over the past three months.
QV Valuer Richard Allen said “Values in Hamilton continue to climb, albeit slowly. Buyers are now finding it difficult to get an entry level home under $300,000, with $330,000-340,000 a more likely price range. Section prices seem to be increasing due to new developments on the market and construction not seen for 10 years or so in the CBD could be a sign of growing confidence.”
Property values in Tauranga increased throughout the middle of 2012 before dropping back towards the end of the year. The last couple of months have been static leaving values 1.0% down on last year.
QV Valuer Paul Thomas said “The market remains flat as house prices either remain the same or decrease slightly. Although there are some subdivisions currently being undertaken, as well as a dramatic increase in retirement living, there doesn’t seem to be any new jobs or people moving to Tauranga. Several empty shops in the CBD are also a sign of tougher times”.