House prices advance in uneven pattern

Latest statistics released by Quotable Value show residential property values rose 12.5 per cent for the year to April, slightly higher than the 12.1 per cent rise for the year to March.

Property values in most areas of Auckland and the upper North Island either levelled out or slightly increased during the first three months of this year, said QV spokesman Blue Hancock.

"While residential property prices have increased, we expect the traditional slowing of the market over winter," he said.

Values in the main centres continued to rise but with big variations between cities. Dunedin property values rose 1.3 per cent over the past three months, a 22.5 per cent increase for the year overall, while in Wellington City values were down by half a per cent with overall growth for the year to April of 8.1 per cent.

Other areas where values fell were Rodney District north of Auckland, down 1.5 per cent on the March year, and Thames/Coromandel, down by just under 4 per cent.

Some areas of Auckland defied predictions of a significant slow-down in the market by rising again last month, North Shore by 0.6 per cent and Papakura up 2.3 per cent.

In Auckland City, defined by QV as the CBD, Parnell, Ponsonby, Herne Bay, Arch Hill and Pt Chevalier, values rose 2.7 per cent.

Read More - Opens in a new window