QV reports that residential property values increased 15% annually in the November quarter, up from 14.5% growth reported in October.
The property value growth rate for November is the highest growth rate reported by QV this year, and is a turnaround from the slowdown that occurred in October, where growth was down from 14.9% in September.
“15% is a significant level of annual growth, and is an indication that the market is remaining buoyant despite thoughts that the market may have been beginning to level out” says QV spokesperson Blue Hancock.
In most areas property value growth rates were above those reported in October, including main centres Hamilton (27.7%), Christchurch (19.3%), and Wellington (12%). The growth rate in Dunedin eased to 13.9% from 16.2% in October, while Auckland City property values grew a comparatively low 4%.
Wanganui continues to be one of the leading centres in the country with property value growth of 38.3%, while Whangarei (34.5%), Gisborne (28.4%) and Rotorua (27.7%) are continuing the trend of areas with an availability of affordable residential property experiencing the highest value growth levels.
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