PHOTO: CoreLogic House Price Index (HPI)
The latest data from the CoreLogic House Price Index (HPI) shows buyers are reacting to the government’s recent policy announcements and tightening lending criteria with nationwide values increases dropping to 2.2% down from 3.1% last month.
While Auckland is slowing, growth remains strong in other areas with the average property value in Wellington now over the $1m barrier, while Tauranga isn’t far off, at $968,342.
We can facilitate an interview with CoreLogic Head of Research, Nick Goodall, or Chief Economist, Kelvin Davidson, who can share further insight and commentary on further results which include:
- Tauranga property values increased by a significant 5.1% over May
- Quarterly change still strong in Hamilton (10.4%) and Wellington area (10.8%)
- In the Super City of Auckland, the average property value now exceeds $1.25m after 16.5% growth in the last year
- In the City of Auckland itself (within the isthmus) the average value is approaching $1.5m ($1.48m)
- The average value in the North Shore is not far behind at $1.44m.
Highlights from the CoreLogic HPI data for May:
National and Main Centres
| Change in property values |
Average Value |
|||
| Month | Quarter | Annual | ||
| New Zealand | 2.2% | 7.7% | 20.5% | $890,848 |
| Auckland | 1.4% | 5.5% | 16.5% | $1,265,071 |
| Hamilton | 3.7% | 10.4% | 25.1% | $786,903 |
| Tauranga | 5.1% | 10.6% | 22.2% | $968,342 |
| Wellington | 3.1% | 10.8% | 27.2% | $1,001,732 |
| Christchurch | 3.1% | 8.5% | 18.5% | $612,988 |
| Dunedin | 1.7% | 5.7% | 17.0% | $646,313 |
