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Nationwide property values steady, slide continues in Wellington

Parts of Auckland have seen property values increase by 2.4% since July, while Wellington remains the only main centre to see continued declines, according to the latest QV report.

Monday, August 8th 2011, 12:00AM 1 Comment

by The Landlord

Nationwide, QV reported property values have stabilised over the past month and are 0.4% below this time last year and 5.2% below the market peak of 2007.

"Over the past three months values have increased in many parts of the country, with particular strength in the Canterbury region and parts of Auckland," said QV research director Jonno Ingerson.

"Across the wider Auckland area values have increased 2.4% since January, and as a result are now 1.9% above last year and only 0.6% below the previous market peak of late 2007."

Ingerson said the growth over the past few months was not evenly spread across the Supercity, with the old Auckland City seeing the most growth in values, with modest increases in Rodney, North Shore and Waitakere while Manukau, Papakura and Franklin "have stayed more or less stable."

In the capital however, the picture is of falling values.

"Wellington remains the only main centre where values continue to decline in recent months, dropping 1.8% since January and now sitting 2.7% lower than the same time last year" Ingerson said, citing possible public sector restructuring as a dampening factor for the property market.

Values in Hamilton, Tauranga and Dunedin have been relatively stable over the last six months, although declines in the six months prior to that mean in all three areas values remain below the same time last year.

In Christchurch, values have been volatile since the first earthquake in September, first rising, then dropping prior to the February quake, then increasing.

"Over the past three months values across Christchurch have grown 1.1%, and are now 0.5% above the same time last year. The increase in recent months is due to increased demand for properties in undamaged areas particularly in the west and north of the city," Ingerson said.

Displaced Christchurch residents have also helped push values up across the rest of the Canterbury region.

"Values Ashburton have grown the most at 4% over the past three months. Waimakariri District immediately north of Christchurch has increased 2.9% and Selwyn District immediately to the west has increased 2.1%."

QV reported that provincial centres have seen some variability in values over recent months, with some falling, others rising and some staying flat, though in values most provincial towns remain below the same time last year.

Wanganui is the furthest below last year, down 6.8%, followed by Gisborne (-4.6%), Invercargill (-4%), Rotorua (-2.9%), Whangarei (-2.7%), New Plymouth (-2.6%), Napier (-1.5%), Hastings (-1%) and Palmerston North (-1%).

Nelson values remain at the same level as a year ago and Queenstown Lakes values are 1.5% above last year.

« QV July 2011 Report – the regionsPlaying ball with the IRD during RWC »

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Comments from our readers

On 11 August 2011 at 7:52 pm Chloe Brock said:
Thanks for the information, great guide for properties. Looking forward to your future articles.
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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online 2.95 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 2.65 2.79
Kainga Ora 4.43 2.93 3.07 3.24
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 3.05 2.99 2.99
SBS Bank Special - 2.55 2.49 2.49
The Co-operative Bank - First Home Special - 2.25 - -
The Co-operative Bank - First Home Special - - - -
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 3.29
TSB Bank 5.34 3.29 3.45 3.59
TSB Special 4.54 2.49 2.65 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.15 3.29 3.39
Westpac - Offset 4.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 2.55 2.69 2.79
Median 4.55 2.93 2.99 2.80

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