QV October 2011 - the regions

Auckland

QV's Residential Price Index for October shows that property values in the Auckland region are 2.7% higher than the same time last year.  The Auckland City revaluation has now been completed and the capital value (CV) of every property updated. The QV residential property index is based on the ratio between sales price and these CVs. As a result of the changing CVs there has been a slight one-off adjustment to the indices for Auckland, making it appear as if values dropped slightly from September to October. The raw underlying data actually show that values have continued to increase, and the index next month is likely to once again show the upward trend we have seen in recent months.

Glenda Whitehead of QV Valuation said; “Statistics aside, our valuers on the ground report that little has changed over the past couple of months.  With no real boost to spring listing numbers trends look similar to those experienced in the winter months. While we continue to see sale prices move positively in many suburbs, activity is patchy.  Where there is strong demand it is often not matched by listing levels resulting in some fierce competition for desirable properties. Typically, these are suburbs close to the CBD.  Activity in many of the outer suburbs remains flat.

“Within the Manukau area, particularly the eastern suburbs and Dannemora, we have noticed an increase in market activity.  Many properties in these areas are achieving sale prices up to and above those at the height of the market in 2007,” Whitehead said.