House values rising in strong market

Last updated 15:16 11/02/2013

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Auckland property values are continuing to top national figures, jumping three per cent in the last three months. 

According to Government valuer QV's latest property value index, city house prices are up twice as much as the national average - one and a half per cent. 

Nationally, valuations are now 2.6 per cent higher than the previous market peak in late 2007, although still behind on an inflation-adjusted basis.

QV research director Jonno Ingerson said the property market had a reasonably strong start to the year, with plenty of buyer enquiry and sales activity throughout January.

And he said the increasing values were no longer solely being driven by Auckland and Canterbury, where values increased 2.4 per cent. 

"Over the last month or two values have also begun rising again in most of the other main cities and provincial centres," Ingerson said.

"While the rate of value increase is not as fast as Auckland and Canterbury it does signal an increase in confidence across most of the country."

Auckland is the largest property market by far, and Canterbury is booming as the rebuild from the earthquakes progresses.

Ingerson said a shortage of properties for sale would continue to rein in sales volumes around the country, with the number of new listings well below the market peak.

The reduced choices for buyers meant well-presented properties were often snapped up quickly.

"The overall result is upward pressure on prices" Ingerson said.

Increasing values by region:

Auckland
Up 3 per cent over the past three months

Up 10.2 per cent over the past year

Up 12.4 per cent since the previous market peak in 2007

Wellington
Up 0.6 per cent over the past three months

Up 1.8 per cent over the past year

Still below the market peak

Christchurch
Up 2.4 per cent over the past three months

Up 7.1 per cent over the past year

Up 6.3 per cent since the previous market peak in 2007

Hamilton
Up 1 per cent over the past three months

Up 3.7 per cent over the past year

Still below the market peak

Dunedin
Up 1.1 per cent over the past three months

Up 2.7 per cent over the past year

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- Auckland Now

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