House Prices

QV January 2012 - the regions

Last year ended with Auckland property values at their highest ever level, 1.4% above the 2007 market peak. Wellington values struggled to just 0.4% above 2010 and there were mixed results for the rest of the country.

Tuesday, January 10th 2012

Auckland

Values in the Auckland area increased by 4.3% during 2011 and ended the year at their highest level ever, 1.4% above the previous peak of late 2007. The Auckland market in 2011 was generally characterised by a lack of new listings and quality stock. This led to increased demand for the good quality properties that did come to the market. The central suburbs performed particularly well and consequently the old Auckland City area increased 5.8% during the year and values are now 3.3% above the previous market peak.

Wellington

Values in the Wellington area varied throughout the year, beginning by increasing slightly for the first couple of months then falling through until September before beginning to increase again. As a result, values at the end of the year were just 0.4% below the previous year, and 6.5% below the previous market peak.

Christchurch

The Christchurch property market is still significantly disrupted as a result of the earthquakes. Values in the undamaged parts of the city have increased due to demand from displaced residents or workers from outside the region assisting with the recovery. Values overall in Christchurch City ended the year 4.3% up and just 0.9% below the 2007 market peak. The areas immediately surrounding Christchurch have picked up strongly with Waimakariri District 9.1% up over the year and 2.6% above the 2007 peak, and Selwyn District 7.5% up over the year and 5.0% above the 2007 peak.

Hamilton, Tauranga, Dunedin

In Hamilton values dropped for the first couple of months of 2011, then steadied for most of the year before rising a little in the last few months. As a result values remain unchanged from a year earlier, and are 11.1% below the peak. Tauranga followed a similar pattern to Hamilton and finished 2011 0.7% up for the year and 11.3% below peak. Dunedin values varied throughout the year but increased steadily from August onwards to finish the year 1.6% up and 5.2% below peak.

Provincial centres

Of the main provincial centres, four of them ended the year up on the previous year, Whangarei by 0.6%, Palmerston North 0.1%, Nelson 2.5% and Queenstown Lakes1.5%. The other main provincial centres all dropped, Hastings by -0.7%, Napier -1.6%, New Plymouth -2.1%, Gisborne -2.8%, Rotorua -3.7% and Wanganui -4.3%.

These changes over the past 12 months don't necessarily reflect which direction values are currently moving. Many provincial centres were relatively stable for much of the year before beginning to recover in late winter and early spring. However most have begun to level or decline again in the last couple of months of the year.

 

Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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