New Zealand: Property Values up 12.2%

 
 
July 9th, 2007 • Related • Filed Under

Quotable Value has released June’s figures for New Zealand’s housing market. The average price of a house in New Zealand has risen to £147,343 ($378,672) from May’s £144,961 (NZ$372,552). 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 appears to be returning to the traditional pattern of slowdown over the winter months in contrast to last winter where the market boxed on regardless. Reports around the country are that sellers’ price expectations remain high, while buyers are exercising a degree of caution.”

House Prices in New Zealand
Three Months Ending June 2007

Location Average House Price (NZ$) Average House Price (£) Comments
Auckland Region $492,857 £191,773 Property values in the Auckland region grew by 11.2% over the past year up from 9.5% reported last month. Year on year growth rates increased to 12.7% in Rodney, North Shore 12.6%, Waitakere 11.6%, Auckland City 9.9%, and Manukau 12.6%. Papakura and Franklin eased to 10.6% and 9.8% respectively.
Hamilton $354,461 £137,922 Hamilton’s property values increased by 13.3% over the past year. Demand for residential property in Hamilton grew in June with property values increasing at a higher level than reported last month. Across the city, North East Hamilton experienced the strongest annual growth of 14.1%. Other areas recorded slightly lower growth, but still at very healthy rates with South East 12.1%, Central/North West 12.4% and South West 13.2%.
Wellington Region $422,568 £164,423 Property values in the Wellington region increased by 15.8% over the past year. Hutt City led the market with 18.5% growth in property values, followed closely by Upper Hutt at 17.9%. Even the slowest growth seen in the central/southern part of the city was still very high at 13.4% with an average price of $501,776.
Christchurch $354,490 £137,933 The Christchurch market continued to strengthen with residential property values growing at 13.4%. In Christchurch City, the eastern 15.5% and south western suburbs 14.6% had the highest increases in growth rates. The Hills 14.1%, Central City and North 11.5% were quite stable. However, there are some signs of a slowing market with sales volume reducing in some provincial areas.
Dunedin $268,719 £104,560 Dunedin’s residential property values increased by 11.4% over the past year. Despite predictions of a softening in the market and pressure from higher interest rates, residential property values continued the upwards trend of the last few months. The central and northern parts of the city recorded the highest growth at 13.8%.
Tauranga $419,556 £163,251 Property values in Tauranga increased by 6.6% over the past year.The growth rate was similar to that reported last month (6.7%).

* Assumed exchange rate is £1 = NZ$2.57

 

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