Data from QV shows that home value growth in the City of Sails is at its slowest pace for five years
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Data from QV shows that home value growth in the City of Sails is at its slowest pace for five years.
Home values nationwide increased 6.4% in July, the slowest annual rate since February 2015.
The QV House Price Index shows that prices were up 1.6% over the past three months to a nationwide average of $641,280, 54.8% above the previous market peak of late 2007.
Adjusted for inflation, the annual value rise is 4.6%, with values 29.2% above the peak of ten years ago.
Auckland’s home price rise is 5.3% year-on-year, the slowest rate since May 2012. For the second consecutive month, there was no growth over the previous three months. Adjusted for inflation, growth is 3.4%.
The moderating of prices comes as the median home price in the City of Sails reached $1,044,303 with an average increase of 91.1% since the 2007 peak.
The latest QV House Price Index figures show nationwide values are still rising, but this growth is now being driven by regional and provincial centres rather than the largest cities,” said QV National Spokesperson Andrea Rush.
“Values continue to plateau in Auckland, Hamilton and Christchurch in a trend seen since October last year when the latest round of LVR restrictions were introduced,” added Rush.
She said that much of the slowdown in markets is being caused by high prices and barriers in obtaining mortgages due to tighter lending criteria.
“Record high net migration continues yet building consents are now trending downwards so the underlying demand and lack of supply for homes remains in the market, particularly in Auckland,” she said.
The sharpest rise in home value appreciation is in Whangarei, which was up 17.2% over 12 months to July. The average price there was $494,212.
Home values nationwide increased 6.4% in July, the slowest annual rate since February 2015.
The QV House Price Index shows that prices were up 1.6% over the past three months to a nationwide average of $641,280, 54.8% above the previous market peak of late 2007.
Adjusted for inflation, the annual value rise is 4.6%, with values 29.2% above the peak of ten years ago.
Auckland’s home price rise is 5.3% year-on-year, the slowest rate since May 2012. For the second consecutive month, there was no growth over the previous three months. Adjusted for inflation, growth is 3.4%.
The moderating of prices comes as the median home price in the City of Sails reached $1,044,303 with an average increase of 91.1% since the 2007 peak.
The latest QV House Price Index figures show nationwide values are still rising, but this growth is now being driven by regional and provincial centres rather than the largest cities,” said QV National Spokesperson Andrea Rush.
“Values continue to plateau in Auckland, Hamilton and Christchurch in a trend seen since October last year when the latest round of LVR restrictions were introduced,” added Rush.
She said that much of the slowdown in markets is being caused by high prices and barriers in obtaining mortgages due to tighter lending criteria.
“Record high net migration continues yet building consents are now trending downwards so the underlying demand and lack of supply for homes remains in the market, particularly in Auckland,” she said.
The sharpest rise in home value appreciation is in Whangarei, which was up 17.2% over 12 months to July. The average price there was $494,212.
