Media release
11th December
Christmas a key time for the property market
The latest monthly property value index shows that nationwide residential values increased further
in November. Values are up 1.9% over the past three months, 5.7% up over the past year, and 1.5%
above the previous market peak of late 2007.
Jonno Ingerson, QV.co.nz Research Director said “the increase in nationwide values continues to be
driven primarily by Auckland and Canterbury where demand continues to outstrip supply. Across the
rest of the country values have been steady or increasing very slightly over the past six months.
However in the last month or two many of these areas have begun to falter”.
“Outside Auckland and Canterbury the property market remains subdued as buyers are generally
cautious, and there are few quality properties on the market for them to choose from. As has been
the case for several years now, well presented properties in sought after areas will tend to sell
quickly for good prices” said Jonno Ingerson.
“We are about to enter a traditionally quiet time of the year for house buying and selling with
activity generally not picking up again until February. Since the 2008 market downturn this has
tended to be a time of the year when people take stock and reconsider their options, leading to a
change in the nature of the property market. Given that we have seen signs of a slight slowdown in
values over the past month or two in many areas, even in parts of Auckland, it will be interesting to
see what early 2013 brings” said Jonno Ingerson.
Auckland
Values in the wider Auckland area have continued to increase and are up 3.2% over the past three
months and 9.3% over the past year.
Old Auckland City continues to have the steepest increase over the past 12 months, up 10.7%, with
North Shore and Manukau close behind, up 8.8% and 8.2% respectively.
Values in the wider Auckland area are now 10% above the previous market peak in 2007, led by old
Auckland City which is 13.4% above that mark.
QV Operations Manager Kerry Stewart said “Whilst there has been an increase in listings, demand
continues to outstrip supply, particularly in central Auckland. Accessibility to the city is a key factor
for many buyers, so the further out you go the more affordable the homes become. However,
because people are considering properties in these outer suburbs, values are being driven up in
many of these areas as well. ”
“Due to sellers having to buy in the same market, they are not listing their properties as readily. The
upper end of the market is taking longer to sell, however well-presented houses around $600,000
are selling very quickly” said Kerry Stewart.
Hamilton and Tauranga
Values in Hamilton have slowed a little recently, although are still 2.7% above last year and 0.3%
increase over the past three months.
QV Valuer Nicky Harris said “The gentle momentum that has been apparent recently seems to have
eased slightly over the last couple of months. However, sales volumes and the level of enquiry from
potential buyers, particularly in the inner city and more established suburbs has been healthy.”
“There is strong interest from potential buyers with auctions seeing good attendance numbers, but
there is a lack of quality listings. Recently, we have also seen greater interest in renovated character
homes” said Nicky Harris.
Property values in Tauranga have been up and down over the past six months, but the most recent
months have started to see a decrease, leaving values down 1.2% over the last three months and
0.8% down on last year.
QV Valuer Paul Thomas said “A lot of buyers are sitting and watching the market at the moment.
We are seeing many more new builds appearing, however this isn’t expected to change the current
activity level.”
Wellington
Values in the Wellington area have steadied after a slight increase over the previous months but are
still up 0.6% over the past three months and are now 1.7% up over the past year.
QV Valuer Pieter Geill said “November was a quiet month in Wellington with the market generally
flat. Demand continues for well presented properties and we have also seen an improvement in the
rural and lifestyle property markets recently.”
Christchurch
Christchurch values continue to rise with the past 12 months seeing a 6.3% increase, and the past
three months a 2.2% rise. Christchurch now sits 4.5% above the 2007 peak.
QV Valuer Daryl Taggart said “The market has become more dynamic with buyers starting to head
towards previously quiet areas. These areas, which haven’t seen the same amount of growth over
the last 12 months, are providing better value for money and less competition.”
“Repairs continue to be undertaken on earthquake damaged properties enabling them to be sold.
Demand in the western areas has resulted in more infill subdivisions. There have been some good
sales of vacant land, especially where larger sites can be found” said Daryl Taggart.
Dunedin
Values in Dunedin remain stable, up 1.2% over the past three months and still 3.7% up over the past
year.
QV Valuer Tim Gibson said “The market still seems positive with sellers achieving quick sales and
buyers seemingly optimistic of capital growth. Auctions are still featuring due to interest from
multiple parties, although this is generally only occurring in the lower price bracket.”
Provincial centres
Most of the main provincial centres remain stable with slight increases in value over the past three
months. The exceptions are Whangarei, down 0.4%, Queenstown Lakes, down 0.4%, and Invercargill
which has remained the same. However, over the past month only Queenstown Lakes has dropped
with the other two areas rebounding slightly.
For media enquiries and interviews, and for further information contact:
Jonno Ingerson
Research Director QV.co.nz
Tel: 04 802 1239
Mobile: 027 454 6642
Email: [email protected]
For further specific comment on local areas:
Auckland. Kerry Stewart 021 387 106
Hamilton. Richard Allen 027 230 7290
Tauranga. Paul Thomas 027 544 4602
Wellington. Pieter Geill 027 230 7291
Christchurch. Daryl Taggart 027 304 9815
Dunedin. Tim Gibson 021 151 2887
Residential Property - Monthly price index
Time period: as at November 2012
Territorial authority
Average
current value
12 month
change%
3 month
change %
Far North
317,901
4.5%
3.3%
Since 2007
market peak
change %
-22.0%
Whangarei
324,081
-1.8%
-0.4%
-18.1%
Kaipara
310,114
-1.6%
3.1%
-22.7%
Auckland - Rodney
578,488
6.1%
2.9%
-2.3%
Hibiscus Coast
578,674
7.7%
3.7%
-1.5%
Rodney (North)
577,025
3.8%
1.7%
-3.9%
Auckland - North Shore
696,308
8.8%
3.3%
8.6%
Coastal North Shore
802,827
8.6%
3.4%
6.5%
North Shore Onewa
553,658
10.6%
3.7%
11.6%
North Harbour
668,367
7.1%
2.8%
10.0%
#A
Auckland - Waitakere
448,545
8.0%
2.8%
5.3%
#A
Auckland - City
#A
#A
#A
#
707,591
10.7%
3.8%
13.4%
Auckland City (Central)
645,975
12.7%
3.8%
13.4%
Auckland City (East)
871,097
7.7%
3.2%
9.3%
Auckland City (South)
626,122
12.8%
4.3%
16.3%
Islands
643,444
3.7%
2.5%
0.7%
Auckland - Manukau
490,477
8.2%
2.8%
6.7%
Manukau East
657,246
8.5%
2.7%
10.3%
Manukau Central
374,070
7.7%
2.8%
-0.5%
Manukau North West
396,953
8.8%
3.1%
7.4%
Auckland - Papakura
358,175
7.0%
1.8%
-0.4%
Auckland - Franklin
395,462
5.2%
1.1%
-2.5%
Thames Coromandel
497,604
3.7%
0.9%
-15.0%
Hauraki
236,116
-1.2%
-5.0%
-17.3%
Waikato
263,080
3.0%
2.2%
-18.8%
Matamata Piako
260,488
0.0%
0.6%
-13.0%
Hamilton
338,384
2.7%
0.3%
-8.6%
Hamilton North East
419,349
1.9%
0.2%
-6.7%
Central City/North West
319,319
3.7%
0.5%
-10.8%
Hamilton South East
314,074
1.7%
0.3%
-10.2%
Hamilton South West
304,517
3.7%
-0.2%
-11.0%
316,819
4.0%
1.5%
-6.3%
N/A
N/A
N/A
N/A
133,348
-1.5%
-1.5%
-18.3%
N/A
7.1%
4.0%
-33.5%
Taupo
346,890
0.0%
1.1%
-14.5%
Western BOP
401,120
-0.6%
3.8%
-11.9%
Tauranga
423,865
-0.8%
-1.2%
-11.8%
Rotorua
272,774
1.4%
1.2%
-12.2%
Whakatane
299,477
-0.7%
3.2%
-13.8%
Kawerau
N/A
N/A
N/A
N/A
Opotiki
N/A
N/A
N/A
N/A
Waipa
Otorohanga
South Waikato
Waitomo
#
Gisborne
228,061
-4.5%
0.3%
-24.5%
N/A
N/A
N/A
N/A
Hastings
292,469
2.0%
0.5%
-6.9%
Napier
316,256
-0.1%
0.5%
-7.4%
Central Hawkes Bay
210,976
1.7%
-1.3%
-21.3%
New Plymouth
324,197
2.7%
1.2%
-3.1%
Stratford
196,938
-0.8%
-1.4%
-9.4%
South Taranaki
186,539
3.6%
2.5%
-6.1%
Ruapehu
145,102
-2.1%
0.8%
-20.0%
Wanganui
190,873
0.6%
0.6%
-12.9%
Rangitikei
144,589
-6.9%
-2.9%
-19.6%
Manawatu
228,552
1.3%
-2.0%
-10.0%
Palmerston North
281,065
2.5%
1.0%
-6.5%
Tararua
151,098
-0.2%
2.2%
-13.3%
Horowhenua
196,220
-3.3%
0.0%
-17.9%
Kapiti Coast
358,936
1.3%
1.6%
-6.5%
#W
Porirua
368,496
2.2%
-0.3%
-3.8%
#W
Upper Hutt
325,543
0.6%
0.1%
-8.3%
#W
Hutt
361,461
1.0%
0.9%
-8.9%
#W
Wellington
Wairoa
#
#
#
#
513,766
1.8%
0.7%
-4.4%
Wellington City & Southern Suburbs
520,634
0.7%
0.7%
-7.1%
Eastern Suburbs
555,536
3.2%
0.3%
-3.6%
North Wellington
452,260
1.9%
0.7%
-3.0%
Western Suburbs
586,813
1.1%
0.6%
-3.4%
Masterton
239,601
-0.3%
1.7%
-17.2%
Carterton
244,145
1.9%
0.8%
-11.6%
South Wairarapa
283,978
2.0%
0.1%
-17.1%
Tasman
395,946
2.0%
1.1%
-0.6%
Nelson
386,000
1.4%
1.5%
1.1%
Marlborough
337,978
0.3%
0.7%
-13.4%
Kaikoura
350,298
3.7%
4.3%
-20.0%
Buller
224,635
11.2%
-0.1%
8.2%
Grey
219,534
-1.8%
-0.9%
-8.9%
Westland
223,076
-1.0%
-3.2%
-10.1%
Hurunui
320,735
5.3%
1.9%
1.3%
Waimakariri
363,619
11.8%
1.2%
14.0%
Christchurch
400,496
6.3%
2.2%
4.5%
East
307,913
3.4%
1.1%
-0.5%
Hills
561,168
7.7%
1.1%
1.5%
Central City and North
460,738
6.8%
2.9%
4.1%
Southwest
369,829
8.0%
2.8%
8.9%
Banks Peninsula
471,800
6.7%
2.5%
-1.8%
Selwyn
435,775
12.3%
0.7%
15.5%
Ashburton
287,205
11.3%
1.4%
2.5%
Timaru
261,116
6.4%
2.5%
3.3%
MacKenzie
265,738
-1.0%
-0.5%
-10.1%
Waimate
173,549
-0.9%
-5.9%
-9.5%
#
#
#
Waitaki
216,062
1.3%
-0.2%
-5.5%
Central Otago
296,092
3.5%
1.2%
-6.8%
Queenstown Lakes
614,249
2.6%
-0.4%
-14.1%
Dunedin
279,275
3.7%
1.2%
-2.6%
Central/Northern City
286,720
1.4%
1.5%
-5.0%
Peninsula/Coastal Dunedin
259,777
3.0%
1.6%
-4.0%
Southern City
269,756
6.0%
1.4%
-5.5%
Taieri
287,934
4.3%
0.4%
-2.0%
Clutha
159,675
-4.0%
-4.0%
-12.0%
Southland
202,234
-5.4%
-2.8%
-13.1%
Gore
176,858
0.3%
-4.7%
0.0%
Invercargill
205,035
1.3%
0.0%
-8.6%
Auckland Area
601,853
9.3%
3.2%
10.0%
Wellington Area
435,468
1.7%
0.6%
-5.3%
Main Urban Areas
479,719
6.8%
2.3%
4.6%
Total NZ
421,497
5.7%
1.9%
1.5%
Notes on the above data:
1. The information included in the above table is based on the monthly property value index. This index is
calculated based on the sales data entered into PropertyIQ's system in the previous 3 month period. For
example, information for the period ending June will be calculated based on sales entered between April
1 and June 30.
2. The average current value is the average (mean) value of all developed residential properties in the
area based on the latest index. It is not an average or median sales price, as both of those only measure
what happens to have sold in the period.
3. The percentage change over three months, twelve months and since the 2007 market peak are based
on the change in the property value index between that time and the current.
4. Any of the statistical data shown in italics are calculated based on a sample set of data that is less
than the recommended minimum. These results should be used with caution. Those showing N/A had
too few sales to generate an index