Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


March QV house price stats

Media release
9th April
Signs that main centres may be slowing
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.


Click for big version.

Jonno Ingerson, QV.co.nz Research Director said “nationwide values are still increasing although 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”.

“The provincial centres remain variable with no universal trends evident either over the past three months or the past year” said Ingerson.

“The number of properties on the market remains limited, particularly in Auckland. This has constrained the number of sales at a time when buyers have generally shown more confidence and have been keen to purchase” said Ingerson.

Auckland
Values across Auckland are still increasing and 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.

Values in the Wellington area have continued to steadily increase since November after being relatively steady for most of 2012. Values there are now 2.1% above this time last year.
QV Valuer Pieter Geill said “although busy, the market has been relatively unpredictable with houses that were expected to sell quickly sticking around for longer. Houses priced too high, or perceived as quirky or in need of renovation appear to be putting younger buyers off”.
“Houses around the $300,000 mark are selling quickly in the Hutt Valley, with many buyers tapping into the KiwiSaver first home deposit subsidy, which in the Hutt Valley is capped at house and land packages valued at $300,000. In Wellington City there has been good activity around properties in the $1-1.3 million bracket as well as entry level homes around $450,000. The apartment market is slow at present” said Pieter Geill.
Christchurch values remains significantly above last year with a 7.8% increase. The outlying areas such as Waimakariri and Selwyn continue to hold their value although the increase in value in recent months has been slower than what we have seen previously.

QV Valuer Daryl Taggart said “values in Christchurch have again stayed strong compared to last year with the demand for housing. The market is still quite strategic with vendors not wanting to show their hand too much if they can help it. The outlying areas appear to be not selling like they used to but could see slight lifts again in the future.”

Dunedin has seen a 1.7% increase over the past 3 months, leaving it 4.4% up on last year.

Provincial centres
The main provincial centres are still experiencing increases in values, albeit at different rates around the country. Some areas where values have previously been faltering, such as Rotorua (up 0.5% over the past 3 months) and Gisborne (up 1.9% over the past 3 months) have also seen a turn around and are now experiencing increases. Whangarei continues to buck the trend, with a 0.9% decrease over the past 3 months.

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

PropertyIQ Value Index - Residential Property
Time period: as at March 2013
Territorial authorityAverage current value12 month change%3 month change %Since 2007 market peak change %
Far North306,7360.5%-3.5%-24.8%
Whangarei322,963-1.8%-0.9%-18.4%
Kaipara304,564-2.7%-0.9%-24.0%
Auckland - Rodney590,1808.0%1.6%-0.3%
Hibiscus Coast589,6879.6%1.8%0.4%
Rodney (North)591,3446.2%1.8%-1.5%
#AAuckland - North Shore720,43411.6%2.4%12.3%
Coastal North Shore826,77511.0%2.4%9.7%
North Shore Onewa571,95612.4%1.7%15.3%
North Harbour700,99412.0%3.6%15.4%
#AAuckland - Waitakere465,99910.8%2.7%9.4%
#AAuckland - City726,60111.2%1.6%16.5%
Auckland City (Central)659,88812.2%1.9%15.9%
Auckland City (East)901,3509.7%1.8%13.1%
Auckland City (South)643,46412.6%1.5%19.5%
Islands665,1414.6%1.8%4.0%
#AAuckland - Manukau505,50110.5%2.2%10.0%
Manukau East674,64710.6%1.4%13.2%
Manukau Central387,82510.4%3.4%3.2%
Manukau North West409,61011.0%2.2%10.9%
#AAuckland - Papakura371,7327.5%3.1%3.4%
Auckland - Franklin402,9925.1%0.3%-0.6%
Thames Coromandel481,873-1.5%-3.2%-17.7%
Hauraki239,9840.2%0.2%-15.9%
Waikato270,6725.9%2.3%-16.5%
Matamata Piako257,9481.8%-2.1%-13.9%
#Hamilton344,7194.6%1.3%-6.9%
Hamilton North East424,4964.1%0.6%-5.6%
Central City/North West324,1723.0%1.2%-9.4%
Hamilton South East323,2054.8%2.1%-7.5%
Hamilton South West310,3994.1%1.3%-9.3%
Waipa321,8704.9%1.4%-4.8%
OtorohangaN/AN/AN/AN/A
South Waikato127,545-4.3%-6.0%-21.9%
WaitomoN/AN/AN/AN/A
Taupo348,1000.3%-1.2%-14.2%
Western BOP404,7474.7%1.3%-11.1%
#Tauranga428,2730.3%0.8%-10.8%
Rotorua270,8010.6%0.5%-12.8%
Whakatane295,4023.2%-0.1%-14.9%
KawerauN/AN/AN/AN/A
OpotikiN/AN/AN/AN/A
Gisborne226,420-2.5%1.9%-25.1%
WairoaN/AN/AN/AN/A
Hastings296,6713.3%1.5%-5.6%
#Napier317,6661.2%0.3%-7.0%
Central Hawkes Bay213,9140.5%2.0%-20.2%
New Plymouth329,6904.1%2.4%-1.4%
Stratford193,995-1.3%0.8%-10.8%
South Taranaki174,361-5.0%-5.5%-12.2%
Ruapehu138,754-4.0%-3.0%-23.5%
Wanganui187,905-0.1%-1.8%-14.3%
Rangitikei148,157-2.0%-0.6%-17.6%
Manawatu239,3274.1%3.6%-5.8%
#Palmerston North284,0332.8%0.3%-5.5%
Tararua157,2284.2%5.3%-9.8%
Horowhenua199,360-1.0%1.1%-16.6%
Kapiti Coast363,8871.5%1.1%-5.2%
#WPorirua373,5092.5%1.1%-2.5%
#WUpper Hutt331,9362.1%2.1%-6.5%
#WHutt363,4470.8%0.0%-8.4%
#WWellington523,3472.5%1.3%-2.6%
Wellington City & Southern Suburbs530,0401.4%1.4%-5.4%
Eastern Suburbs572,7243.8%2.5%-0.6%
North Wellington457,3622.1%0.5%-1.9%
Western Suburbs598,5322.6%1.5%-1.5%
Masterton236,565-0.8%0.5%-18.2%
Carterton255,2245.5%4.1%-7.6%
South Wairarapa287,5290.8%1.0%-16.1%
Tasman400,7842.9%1.2%0.6%
#Nelson389,9392.8%0.3%2.1%
Marlborough340,4763.2%0.9%-12.8%
Kaikoura340,1783.2%-3.4%-22.3%
Buller223,1265.9%1.3%7.5%
Grey219,7224.0%-0.1%-8.9%
Westland217,443-0.9%0.2%-12.4%
Hurunui325,3496.2%0.7%2.8%
Waimakariri370,3527.6%1.1%16.2%
#Christchurch413,8017.8%2.4%8.0%
East320,9006.9%2.8%3.7%
Hills585,78010.2%2.9%5.9%
Central City and North476,0508.3%2.2%7.5%
Southwest381,7809.4%2.5%12.5%
Banks Peninsula473,4845.0%2.3%-1.4%
Selwyn450,98112.0%2.2%19.5%
Ashburton295,7139.6%1.5%5.5%
Timaru262,8695.4%0.6%4.0%
MacKenzie273,1820.7%2.6%-7.6%
Waimate184,9245.8%6.8%-3.5%
Waitaki215,3541.5%-0.3%-5.8%
Central Otago293,5461.1%-1.0%-7.6%
Queenstown Lakes627,4705.1%1.9%-12.2%
#Dunedin284,3514.4%1.7%-0.8%
Central/Northern City291,6963.4%0.6%-3.3%
Peninsula/Coastal Dunedin255,9490.6%-0.6%-5.5%
Southern City278,2766.3%4.0%-2.5%
Taieri294,1146.0%2.6%0.1%
Clutha167,0833.6%5.4%-7.9%
Southland206,873-3.4%2.3%-11.1%
Gore183,7002.3%2.3%3.9%
#Invercargill208,3051.9%1.3%-7.1%
Auckland Area620,60511.0%2.0%13.4%
Wellington Area442,2062.1%1.1%-3.9%
#Main Urban Areas491,1248.0%1.7%7.1%
Total NZ429,0616.5%1.3%3.3%

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

Click here to view: QV_Graphs__March_2013.pdf


Click here to view Property IQ_Value_Index_Residential price movement 2013 March.xls

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news