Average property price up 10pc in 2013

GREG NINNESS
Last updated 13:34 14/01/2014

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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.

THE NUMBERS

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

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- Fairfax Media

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