House values slip around New Zealand, led by Auckland: QV
Auckland house values fell last month, in some cases for the first time for more than a year, but that's not the case in Wellington where values jumped in January.
Nationally, values fell 0.3 per cent last month compared with December 2015, to an average $556,206, QV figures showed.
That comes off the back of Auckland's declining house values - a 0.5 per cent decrease since December.
Wellington values were accelerating at a pace not seen since before the previous peak of 2007, QV spokeswoman Andrea Rush said.
"[But] there's a shortage of properties listed for sale in the capital, with listings levels only half what they were this time last year."
Rush said for the first time in more than a year, values fell over the past month in the former Auckland City Council suburbs, as well as Manukau, Waitakere and the North Shore.
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"The value decreases in parts of Auckland could be in part due to the seasonal impact of the holiday period and the housing market may pick up in the usually busiest months of the year, February and March," Rush said.
"However it's more likely to be continuation of the softening in the market we saw following the introduction of new rules by the government and the Reserve Bank to curb investor activity in the Auckland and the restrictions on the flow of capital out of China that occurred late last year."
"It's possible the easing in values in Auckland may be short-lived as the underlying factors driving house prices up remain: record high net migration, record low interest rates and a lack of housing supply."
However, home values continue to rise in outer Auckland areas, including Rodney, Papakura and Franklin, as well as most other regions throughout New Zealand.
The national average house value was up nearly 13 per cent in the last year. Despite last month's dip, Auckland values have risen 19.8 per cent for the year.
House prices picked up further in the capital, rising 4.6 per cent over the past three months and 5.9 per cent year on year.
The average house value is now $482,716.
Home values in Wellington City alone, have increased by 4.8 per cent over the past three months, 6.6 per cent year-on-year.
Values are now 8.9 per cent higher than the previous peak of 2007. The average value in Wellington City is $579,857.
QV homevalue Wellington registered valuer Pieter Geill said the market had "taken off" since spring last year and there had been a notable increase in sales and values over the past few months.
"It is slim pickings for buyers with listing levels approximately half of what they were at the same time last year.
"More listings are now coming to market as is usual for February, but not enough meet current demand."
In Lower Hutt, house values are up 4 per cent over the past three months; Upper Hutt values rose 3.3 per cent over the same period; Porirua home values also increased 3.3 per cent, while Kapiti Coast was up 1.8 per cent since November.
Home values in Hamilton City have continued to rise over the past three months, but at a slightly slower rate than the second half of last year.
Values were up 4.2 per cent over the past three months and 20.1 per cent year-on-year.
Values in the city are now 23.9 per cent higher than 2007 levels and the average value is $447,921.
QV valuer Chris Price said the Christmas and New Year period in the Hamilton housing market were busier than usual with more buyers active over the holiday period than the previous year.
"There has been a noticeable increase in investors flipping homes where they buy a property with the intention of renovating and selling for a profit in a short time frame.
Residential property values in Tauranga City are continuing to accelerate - up 8.6 per cent over the past three months and 21.8 per cent year-on-year.
Values there are now 15.7 per cent higher than the previous peak of 2007.
The average value in the city is $557,313.
Western Bay of Plenty home values are also continuing to rise, up 5.9 per cent over the past three months and 12 per cent since January 2015.
Values are 5.4 per cent higher than the previous peak of 2007 and the average value in the district is $450,068.
QV homevalue Tauranga registered valuer David Hume said early indicators for 2016 was that the Tauranga market was continuing on from its strong year last year.
"Properties with subdivision potential or those that have been recently refurbished continue to be in strong demand.
"There are a number of frustrated home buyers out there as demand is outstripping supply and this situation was highlighted by people camping outside 'The Coast' sales office last weekend to secure a section in their latest release," Hume said.
Home values in Christchurch City rose by 1.7 per cent over the past three months and 2.7 per cent year-on-year.
Values in the city are 27.6 per cent higher than the previous peak of 2007. The average value in the city is $484,118.
Values in the Selwyn District rose 2.3 per cent over the past three months; while values in Waimakariri were up 1.3 per cent over the same period.
QV Christchurch valuer Darryl Taggart said the housing market seemed to have picked up and there appeared to be more confidence in the market.
"In terms of values, they have not risen significantly over the past 12 to 18 months however there have been some solid prices achieved particularly at the high end of the market recently so values are holding.