AUCKLAND VALUES UP 20%+ ON LAST YEAR
Thursday September 17th, 2015
Residential property values just keep rising in Auckland – with new QV data showing increases of 20.4% over the past year, 5.6% over the past three months and 60.1% since the 2007 market peak.
This means the average value for the Auckland region is now $874,851.
With Auckland values leading the way, QV’s latest House Price Index shows that nationwide values increased by 11.3% over the past year.
Nationwide values rose 3.9% over the past three months and they are now 29.0% over the 2007 peak.
This leaves the average national value at $534,331.
QV spokesperson Andrea Rush said the ongoing rise in Auckland’s values was impacting on North Island markets close to the SuperCity.
Rush said Auckland’s high prices and lower yields appeared to be encouraging investors to look to regional centres around the country for investment properties
“The new LVR rules, set to come in over the next couple of months, may also be a factor incentivising this activity.”
Rush said New Zealand’s housing market was showing no sign of impact from recent events on the global economic landscape – like the dramatic fall in China’s share market.
Meanwhile, in Auckland itself, ongoing strong population growth and lack of supply continue to drive rapid increases in value and high sales volumes.