Marlborough Property Investors' Association

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QV reports price momentum spreading

New Zealand’s house price increases are now being driven by all the main centres, not just Auckland and Canterbury, QV says.

“The value increases in the other main centres is much slower than in Auckland and Canterbury, but the trend is definitely positive. The provincial centres remain more variable,” operations manager Kerry Stewart says.

Buyers are still being careful in their decision-making, except in parts of Auckland where excess demand means there is not time to delay.

QV reports that Auckland house prices are now up 12% on a year earlier.  The fastest increase over the past three months has been in Waitakere.

Stewart said some properties were selling for hundreds of thousands of dollars above their rateable value.

Tauranga has seen renewed confidence, with prices up 1.2% over the past three months. Hamilton was slightly ahead of that, with a 1.7% rise.  QV’s valuers there said there were signs more Aucklanders were moving into the region for work.

Wellington’s values are 2% up on the same time last year and properties worth more than $1 million are still selling well. Valuer Kerry Buckeridge said: “There are quite a few apartments on the market but with insurance increases affecting body corporate fees still, sales aren’t as prolific in many buildings.”

Christchurch’s prices are up 9.4% on a year earlier, although growth seems to be slowing in outlying areas.  Dunedin is 4.8% up on last year.

In the provinces, Hawkes Bay and Wairarapa appeared to be picking up on some of the renewed optimism in the market, QV said. Even Whangarei, which has had signs of declining prices, appears to be turning around.

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