PHOTO: This month’s results serve as a further reminder that this upturn may not be all one-way traffic. FILE
Recent data reveals the regions in New Zealand experiencing the swiftest increases in house prices and those with the highest property values. CoreLogic’s house price index not only presents the national property value but also sheds light on the variations in prices across the country.
Kelvin Davidson, Chief Property Economist at CoreLogic, noted a rise in average values in Wellington‘s Upper Hutt and Porirua last month, while prices declined in Auckland’s Manukau and Papakura. Despite a 0.7 percent increase in national property values in November, Davidson emphasized the variability from region to region, suggesting that this uneven trend might persist in the coming months.
“This month’s results serve as a further reminder that this upturn may not be all one-way traffic,” Davidson remarked. “The patchiness in property values by sub-region, even though wider market averages have started to turn around, could well remain a feature in the coming months, in Auckland and elsewhere too.”
Auckland retained its status as the highest-priced area in the city, with the North Shore witnessing the most significant increase of 1.8 percent, reaching an average value of $1.46 million. Conversely, Papakura experienced the largest drop of 0.4 percent, bringing its average value to $929,107. Auckland’s overall value rose by 0.7 percent to $1.27 million.
In Hamilton, with an average property value of $805,125, the city had the third-lowest average property value among New Zealand’s main centers. However, it saw the second-highest increase last month at 0.9 percent, surpassing the national average of 0.7 percent.
Tauranga maintained average values above the $1 million mark but experienced a 0.6 percent decline for the quarter and a 5.7 percent decrease year-on-year. Nevertheless, Tauranga’s values rebounded by 0.7 percent last month.
In Wellington, the city center emerged as the priciest area with an average value of $1.02 million. Porirua and Lower Hutt exhibited the highest growth in November at 1.5 percent, while Kāpiti Coast, Upper Hutt, and Wellington City all grew by 0.6 percent. As of last month, Wellington’s total average value reached $901,387, reflecting a 0.9 percent increase.
Christchurch, with an average house value exceeding $745,000, experienced a 1.1 percent decline in values over the past year but recorded gains of 0.7 percent last month and 2 percent for the quarter.