New Zealand Property Prices Rise 10.6%

May 15th, 2007 • Related • Filed Under

Beach House

Quotable Value has released April’s figures for New Zealand’s housing market. The average price of a house in New Zealand has risen to £136,579 (NZ$366,032). March’s figure was £135,014 (NZ$363,188). New Zealand’s average house prices are not directly comparable with the UK’s because, unlike the UK, the average home in New Zealand is a detached bungalow.

QV spokesperson Blue Hancock said:

“The market has continued unabated over the last month on the back of stronger than anticipated migration and high levels of employment creating steady demand, especially in the lower end of the market. With the higher interest rates and the onset of the winter season, we can expect the market to slow over the coming weeks”

House Prices in New Zealand
Three Months Ending April 2007

Location Average House Price (NZ$) Average House Price (£) Comments
Auckland Region $470,798 £175,671 Property values in the Auckland region grew 8.2% up from 7.5% last month. Annual growth rates for the Auckland region were up from last month, with the exception of Manukau and Papakura, which both eased to 10.1% but were still ahead of the growth reported in January. Auckland City property values increased by 6.6% for the year, up from a low of 4.5% in January 2007. Activity in Auckland City was very positive, with strong demand in the areas of Mt Wellington, Ellerslie, Pt England and Glen Innes, and the eastern bays areas.
Hamilton $341,778 £127,529 Hamilton’s property values grew by 11.4%, down from 12.2% reported last month. Demand for property across Hamilton appeared to be slowing with annual growth easing in all parts of the city. The largest decrease in growth rates was reported in South East Hamilton which dropped from 11.2% last month to 10% this month. North East Hamilton 11.6%, Central City/North West Hamilton 11.5% and South West Hamilton 10.2% experienced smaller decreases in annual growth compared to last month
Wellington Region $422,779 £157,753 The annual growth of 14.7% reported this month was the highest rate since QV started reporting monthly changes in the property market in February 2005. The highest increases occurred in Hutt City 17.7%, followed by a resurgent Kapiti Coast 16.1% and Upper Hutt 15.4%
Christchurch $348,892 £130,183 The average sale price for the city fell slightly from $352,755 to $348,892, which could indicate increased activity in the lower price brackets compared to higher price brackets. This was reinforced by QV’s price range statistics, which showed the highest proportion of sales to be within the $200,000-$300,000 bracket.
Dunedin $262,337 £97,887 Dunedin continued to see positive increases in property values and most areas showed slightly higher growth rates compared to last month. The southern part of the city recorded the highest growth of 10.4% whilst other parts experienced growth rates within the 6%-7% range
Tauranga $417,116 £155,640 Property values in Tauranga increased by 5% up from 2.4% reported last month. Apartments continued to perform poorly with some re-sale levels lower than prices paid prior to the development commencing. There is restricted interest in higher valued homes

* Assumed exchange rate is £1 = NZ$2.68

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