3.2% rise in residential property values – QV

Nationwide residential property values have increased steadily over the past year by 3.2% and by 1.2% in the three months ending in December. The nationwide average value is now $682,938, according to the latest QV House Price Index.

The steady values over the past month is a likely result of the holiday season, which generally sees less market buoyancy, QV general manager David Nagel said.

“In saying this, the loosening of the LVR restrictions (taking effect from 1 January 2019) should enable some new first home buyers and investors to enter the market in the coming months,” he noted. “I don’t anticipate this impact to be overly significant, but it may help drive a busy property market in the early stages of 2019.”

In the Auckland region, residential property value growth decreased by 0.4% year-on-year, but slightly increased by 01% over the past quarter. The average value for the Auckland region is now $1,048,145.

Across the Wellington region, value rose 7.8% year-on-year and increased 3.2% over the past quarter. The average value is now $668,074. In Hamilton, home values increased 5.0% year-on-year but dropped by 0.2% over the past quarter, with the average value now at $570,886.

Home values also rose in Tauranga ($720,645 average value), Christchurch ($496,562), Dunedin ($434,903), Nelson ($601,571) and in Hawkes Bay ($526,506).

In the North Island, Kawerau, Carterton and South Waikato lead the way in quarterly growth, with value growth of 22.7%, 9.9% and 9.1% respectively. Meanwhile, in the South Island, Southland, Invercargill and Gore regions lead the way in quarterly growth, with value growth of 6.8%, 3.2% and 2.6% respectively.