Press Release – QV Valuations
The latest monthly property value index shows that nationwide residential values increased further in March. Values are up 3.3% above the previous market peak of late 2007, with a 1.3% increase over the past three months and a 6.5% increase over the past year.
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Jonno Ingerson, QV.co.nz Research Director said “there are signs that the rate of increase has slowed in the last month or two in Auckland, Hamilton, Christchurch and Dunedin. However it is still too early to tell if this is the start of a more widespread slowing of values”.
Values across Auckland are now up 11.0% over the past year. Areas like Rodney and old Auckland City continue to show slower rates of growth over the past 3 months than what has previously been seen and in comparison to other areas. Overall, values are still markedly above last year, with North Shore seeing the greatest increase at 11.6%.
QV Operations Manager Kerry Stewart said “We have seen a continued lack of listings, and this has worsened over the past month as people start to hold onto their properties more, especially in the wake of the release of the draft unitary plan. Many buyers are also starting to feel that house prices are unreasonable and are waiting it out to see if houses become more affordable.”
“Auctions are still popular especially in the inner city where the market remains heated. In general the right properties will still go at the right price,” said Stewart.
Other main centres
Outside of Auckland, the main cities are continuing to increase, although some at a greater rate than others. Hamilton has grown slightly with a 1.3% change over the past 3 months; however it is still sitting at 4.6% up on last year.
Tauranga continues to fluctuate, although within a narrow range. It is 0.8% up over the past 3 months, meaning only a 0.3% increase on this time last year.