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Auckland prices 'reaccelerate'

Auckland property values are accelerating away again, the latest QV statistics show.

Thursday, December 4th 2014, 12:00AM

by The Landlord

The latest monthly QV residential price movement index shows nationwide residential property values were 5.1% over the year to November and 0.7% over the past three months.

The Auckland market has increased 9.3% year on year, 3.1% over the past three months and 37% since 2007.

Spokeswoman Andrea Rush said: “We are seeing an reacceleration of values in Auckland with the residential price movement index chart now showing a steepening upward trend and values in some areas have risen 5% over the past three months.”

Auckland valuer Bruce Wiggins said well-presented, but not high end, properties were selling for much more than their previous purchase price within a short space of time. "While these have often been upgraded in the intervening period, the rise in sale price far exceeds the money spent. One North Shore townhouse that sold in the $700,000s three months ago was renovated to a good standard internally and was under agreement in the $900,000s three months later. Conditions are also favorable for investors, and in South Auckland there have been examples of investors buying multiple properties, adding fuel to the investor rule debate for investors with five or more properties that the Reserve Bank is currently looking at.”

Rush said other main centres, including Hamilton, Tauranga, Wellington, Christchurch and Dunedin, were also showing moderate increases.

“Nationwide there’s been an influx of new listings to the market plus which is usual for this time of year and this has resulted in an increased number of sales and home loan approvals.”

Hamilton valuer Nicky Harris said there was a sense of urgency in the market and first-home buyers were more active. 

In Wellington, valuer Pieter Geill said there was a surge of activity and well-presented,located and priced homes were selling well.

Home values in Christchurch City have increased 1% over the past three months and 3.7% year-on-year and are now 23% higher than in the previous peak of 2007.

Valuer Daryl Taggart said: "Listings and sales are up and there’s reportedly strong competition for good quality and properties in desirable localities, but some other properties are failing to attract interest and are proving more difficult to sell. There has been good activity in the new build and vacant land market and as a result section values appear to increasing across the board compared to this time a few months ago. The effects of the earthquakes are reducing for some with a good number of homes having now been repaired across the city.”

« Asking prices hit recordAsking prices show confidence, Trade Me boss says »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

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