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Regions fire up as Auckland cools

Auckland’s housing market has had its star turn and regional markets are now moving into the spotlight, new Trade Me Property data reveals.

Thursday, January 12th 2017, 11:00AM

by Miriam Bell

Northland

The Super City’s average asking price dropped by 0.3% in December to come in at $908,850, according to the latest Trade Me Property Price Index.

Head of Trade Me Property Nigel Jeffries said that after four years of phenomenal growth the Auckland region was finally slowing down.

For a long time the only property story has been the unbelievable growth in the region, he said.

“But Auckland has experienced a few quieter months recently and we don’t see the market taking off again any time soon.

“Home owners in the city don’t need to despair though, with the average asking price in Auckland jumping by 12.9% during 2016.”

However, the data also showed that, in contrast to Auckland, average asking prices in provincial New Zealand are heating up.

Excluding Auckland, Wellington and Christchurch, the average asking price for property in provincial New Zealand hit a new record high in December, up almost 14% to $464,600.

Jeffries said that was a jump of $55,450 since January 2016, which was a faster rate than the country’s largest cities over the same period.

Provincial property prices have risen by 37.9% in the past five years, with the average asking price up from $336,950 in December 2011.

Jeffries said the Northland region is currently super-hot, blasting through the $500,000 mark in November and continuing to climb in December.

“Northland hit another record in December with average asking prices hitting $521,750. It’s seen a 20.6% increase during 2016.”

Over the past five years, the average asking price in Northland has risen by just under $150,000 (40%), with more than half of that increase coming in the last 12 months.

Around the rest of New Zealand, seven of the 15 regions hit record average asking price highs in the December.

They were Gisborne (up 27.3% year-on-year), Marlborough (up 5.6% year-on-year), Manawatu (up 9.3% year-on-year), Nelson (up 17.6% year-on-year), Northland (up 20.6% year-on-year), Southland (up 4.3% year-on-year) and Waikato (up 27.4% year-on-year).

Only the West Coast’s average asking price decreased on this time last year. It was down by 6.8% year-on-year.

Realestate.co.nz’s December data adds further support to the view that Auckland’s market is cooling, while other markets heat up.

It showed that listings in Auckland are up, but they are down elsewhere.

ASB economist Kim Mundy said this indicated that, out of Auckland, market activity appears to be picking up again.

“Inventory levels fell in most regions outside of Auckland suggesting demand remains reasonably robust across much of the country.”

Yesterday’s QV data also revealed the Auckland market has cooled, while other smaller markets – like Napier and Nelson – are powering along.

QV national spokesperson Andrea Rush pointed to Dunedin as a current hotspot.

She said that, to date, the Dunedin market has seen no evident slowing and value levels continue to increase, while sales activity remained strong throughout the Christmas period.

« LVRs continue to bite – QVSuper City bucks trend »

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  • Harking back to the old days
    “Tactical move by CIGNA and looks like they have a lot of bench strength now in sales, underwriting and product / pricing...”
    2 days ago by hitting rock
  • Greens want ACC extended to cover sickness
    “Never happen. The Greens are such an aspirational bunch. Must all the weed. They 'want' all sorts of unlikely things...”
    2 days ago by All hat no cattle
  • Harking back to the old days
    “Really positive news. NZ has been blessed by many successful leaders and it is good that their skills can skill be utilised...”
    2 days ago by Francis L
  • Harking back to the old days
    “I dare say Cigna just got that extra grunt it's been looking for....”
    2 days ago by Matron
  • Greens want ACC extended to cover sickness
    “The Greens have no idea The purpose of the Woodhouse report was to remove the "at fault" component of accidents Sickness...”
    3 days ago by LNF
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Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 ▼3.39
ANZ Special - ▼2.55 ▼2.69 ▼2.79
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - 2.65 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
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 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 ▼2.69 ▼2.75 ▼2.99
The Co-operative Bank - Standard 4.40 ▼3.19 ▼3.25 ▼3.49
TSB Bank 5.34 ▼3.35 3.49 3.79
TSB Special 4.54 ▼2.55 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.55 2.69 2.79
Median 4.55 3.19 3.22 3.39

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