Wellington housing market now rising faster than Auckland

The Auckland market has increased 15.0% year on year and 5.8% over the past three months. Values there are now 88.7% higher than the previous peak of 2007. When adjusted for inflation values rose 14.5% over the past year and are 60.2% above the 2007 peak. The average value for the Auckland Region is $1,031,253.

The full set of QV House Price Index statistics for all New Zealand for September can be downloaded by clicking this link: QV House Price Index (HPI) for September 2016.

QV National Spokesperson Andrea Rush said, “The Wellington market continues to show strong levels of activity and demand. Values in the capital have risen faster than the Auckland region over the past three months and year on year.”

“Despite a clear slowing in activity and demand in the Auckland, Hamilton and Tauranga markets since the introduction of the new LVR restrictions for investors, we are seeing little evidence of a slow-down in value growth in these main centres.”

“The Dunedin market remains buoyant and values there continue to rise steadily with Auckland investors having an increasing presence, while the Christchurch market remains relatively stable in terms of value growth by comparison.”

“Queenstown Lakes District has seen the highest annual rate of value growth of anywhere in the country, rising 30.7% since September last year.”

“Many regional centres around the country also continue to experience strong value growth with Western Bay of Plenty, Rotorua, Kawerau, the Hauraki District, Whangarei, Napier, Hastings and Nelson markets some of the stand out regional performers.”

“Centres with entry level properties under $350,000 appear less impacted by the new LVR restrictions most likely due to the fact the new 40% deposit requirement for investment properties is easier to achieve at a lower price point.”

“The only areas to see a decrease in values over the past year were the South Island West Coast districts of Buller, Grey and Westland and South Western suburbs of Christchurch.”

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