New Zealand Property Prices Rise 12.7%

August 26th, 2007 • Related • Filed Under

Beach House

Quotable Value has released July’s figures for New Zealand’s housing market. The average price of a house in New Zealand has risen to £136,665 ($381,298) from June’s £135,724 ($378,672). 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:

“QV is reporting a continued increase in property values across the country, however, the trends differ within cities and between regions. Prices in the main urban areas appear to be stabilising while some provincial cities continue to experience strong growth.”

House Prices in New Zealand
Three Months Ending July 2007

Location Average House Price (NZ$) Average House Price (£) Comments
Auckland Region $490,818 £175,920 Property values in the Auckland region grew by 11.9% over the past year up from 11.2% reported last month. Valuers reported patchy market activity across the region. Activity levels, on the whole, appeared lighter than experienced for a number of years. However, agents in some areas continued to report good levels of listings and sale prices.
Hamilton $356,849 £127,902 Hamilton’s property values increased by 13.6% over the past year. However, there are signs that the market in Hamilton is beginning to ease with South East Hamilton 12.5% being the only area in the city that recorded higher growth than last month. South West Hamilton remained at 13.2% while Central/North West Hamilton and North East Hamilton eased to 12% and 13.6% respectively.
Wellington Region $438,406 £157,134 Property values in the Wellington region increased by 16.3% over the past year. The leading area was Upper Hutt where the growth recorded a high of 20.4%. The lowest increase was for Wellington City 14.7%, but still at a similar level reported last month
Christchurch $356,969 £127,945 The Christchurch market continued to strengthen with residential property values growing at 13.4%. The volume of sales was down for this period. This indicated caution in the market, but also reflected the seasonal slowdown over winter. Overall, prices appeared to be holding up.
Dunedin $274,551 £98,405 Dunedin’s residential property values increased by 10.8% over the past year. Across the city, growth has been consistent, ranging from 9% to 11%. There has been a lift in the average sale price, mainly due to a number of sales over $1 million recorded over this period.
Tauranga $419,556 £163,251 Property values in Tauranga increased by 6.5% over the past year.The growth rate was similar to that reported last month (6.6%).

* Assumed exchange rate is £1 = NZ$2.79

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