Property prices down in Auckland, up in regions

House prices in Auckland are down slightly over the past quarter, and has also been flat to lower in Tauranga and Christchurch and other urban areas except for Rotorua, Palmerston North, Dunedin and Invercargill.

RNZ: House price growth ‘runs out of puff’ in cities

Latest data from QV shows house price growth around the country slowing, with the national average climbing 4.3 percent in the year to September.

In Auckland, though values had grown 0.8 percent over the year, they dropped back in the last three months to an average of $1,039,066.

Values fell in a number of Auckland suburbs, including the North Shore and Waitakere, while rising in Rodney and the city centre.

QV national spokesperson David Nagel said the usual spring surge in listings had not happened yet.

“The reductions in quarterly value growth have extended from just the main centres last month to almost all the 15 major urban areas we track with the exception of Rotorua, Palmerston North, Dunedin and Invercargill,” he said.

Year-on-year growth was showing double digit gains in many provincial towns, but the quarterly figures revealed a gradual slowing of the property market in almost all city locations, he said.

“Values are reflecting small decreases in all but a few isolated pockets of Auckland while Tauranga and Christchurch have also shown a small decline over the past quarter.”

NZH: Auckland house values fall: lack of finance blamed

Auckland’s housing market stalled in the last three months with property values falling by 0.6 per cent and buyers unable to get finance being blamed.

The QV House Price Index showed Auckland values only rose a meagre 0.8 per cent in the last 12 months – the slowest pace of annual growth since April 2011.

Isn’t the flattening of prices in Auckland a good thing?  property inflation had been causing major problems.

Despite the drop, the average current value now stands at $1,039,066 – putting most houses out of the reach of first-home buyers.

Problems like that.

Nationally, values rose 1.1 per cent in the last three months to September and 4.3 per cent annually.

Last month, QV blamed winter, bank lending limits, the election and China’s crackdown on capital flows for national house value growth being the slowest in five years and Auckland values hitting their most glacial pace since 2011.

  • Hamilton values rose 1.3% in the last quarter and 3.2% in the last year.
  • Tauranga values fell 0.1% in the last quarter but rose 6.6% annually.
  • Wellington values rose 0.8% quarterly and 10.7% annually.
  • Rotorua values were up 4.5% quarterly and 16.2% annually.
  • Christchurch values fell 1% quarterly and 0.8% annually.
  • Queenstown Lakes values rose 0.7% quarterly and by 12.6% annually.

 

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6 Comments

  1. David

     /  4th October 2017

    if the government want more houses built this will not help. The RB rules on bank funding having to be done onshore and the Aussie banks stripping NZ because of Australias changed rules is having as much effect as the 60% rule.
    Not only do they strictly enforce this rule but they have gone further and bring in your existing portfolio to the 60% rule so if you have say 70% LVRs over your existing portfolio dont expect to buy anything else. They now only take 75% of rents as income for their much tighter serviceablity rules…its just horrid out there and has gone too far.

    Reply
    • Fight4NZ

       /  4th October 2017

      Need less people and higher occupancy not more houses. The tidal wave of indiscriminate foreign money seems to have dried up for now. Without that massive skew of the market we hopefully can get back to price levels based on local incomes and the whole ‘crisis’ will evaporate.

      Reply
  2. Blazer

     /  4th October 2017

    there is a school of thought that the big 4 aussie banks are technically insolvent.It is based on the trillions and trillions of derivatives they park in off balance sheet items.Most of the worlds big banks are the same.If you just look at the billions in fines they have paid for nefarious activity, it puts a whole new dimension on the definition of…crime.Global debts can never be repaid with compounding interest and Q.E fuelling the situation.War clouds and revolt loom when options…run out.

    Reply

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