Average property price up 10pc in 2013
Residential property prices increased by an average 10 per cent last year, according to the Property IQ Value Index, produced by Quotable Value.
The national average house price was $466,022 at the end of December, up 10 per cent on the same time in 2012 and 12.5 per cent ahead of the last market peak in in 2007, the index showed.
In the main centres, average values were up 15.4 per cent in Auckland, 5.8 per cent in Hamilton, 4 per cent in Tauranga, 3.1 per cent in Wellington, 12.7 per cent in Christchurch and 3.8 per cent in Dunedin.
QV.co.nz research director Jonno Ingerson, said property values and the number of homes being sold both increased during the year.
"Nationwide values increased steadily throughout 2013," Ingerson said.
"As was the case in 2012, most of the nationwide increase in values was driven by strong increases in Auckland, and to a lesser extent, Christchurch.
"Sales volumes each month up until October were also higher than the same month in 2012 by between 5 per cent and 18 per cent.
"This represented an increase in activity but was still well below the level of sales seen in 2003 to 2007, and is only just getting back to a long-term average level," he said.
Average dwelling values at December 2013 and percentage change since December 2012:
Whangarei $334,757 +2.7 per cent
Auckland $693,549 +15.4 per cent
Hamilton $360,178 +5.8 per cent
Tauranga $442,061 +4.0 per cent
Rotorua $274,812 +2.0 per cent
Taupo $350,802 -0.4 per cent
Napier $323,102 +2.0 per cent
Hastings $301,975 +3.3 per cent
New Plymouth $345,571 +7.3 per cent
Wanganui $187,363 -2.1 per cent
Palmerston North $287,913 +1.6 per cent
Masterton $243,438 +3.5 per cent
Kapiti Coast $368,265 +2.3 per cent
Wellington $451,200 +3.1 per cent
Nelson $402,399 +3.5 per cent
Marlborough $343,168 +1.7 per cent
Christchurch $455,264 +12.7 per cent
Timaru $276,606 +5.8 per cent
Dunedin $290,253 +3.8 per cent
Queenstown Lakes $646,375 +5.0 per cent
Invercargill $203,787 -0.9 per cent
- Fairfax Media