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House values stable as spring brings listings increase

Newshub logoNewshub 2/10/2018 Newshub staff

The rise in temperature as summer nears has carried over to a rise in home listings, according to the latest QV report.

But while listings have increased, growth has remained modest with a 0.6 percent fall in nationwide property values for the last quarter, lowering annual after-inflation growth to 3.1 percent.

The nationwide average value now sits at $676,427.

"While listings have increased significantly across most areas, quarterly value growth remains modest due to a lack of new market drivers," QV General Manager David Nagel said.

"Supply has been constrained which, on top of stable interest rates, is keeping values at their current levels."

Residential values in the Auckland market dropped 0.7 percent in the past quarter to sit at an average value of $1,047,415.

In Hamilton, a 2.4 percent increase in the past quarter contributed to a 4.7 percent rise in the year to September.

Tauranga experienced similar growth, with a 1.4 percent increase to an average value of $709,339.

The nation's capital has seen significant growth of 9.6 percent in the year to September, with the Upper Hutt suburb enjoying solid growth due to the influence of first-home buyers.

Despite a strong year, Wellington's growth has stabled in the past three months.

In the South Island, Christchurch's market has remained steady as an increase in listing is matched by an increase in buyers.

Dunedin continues to trend upward, with 2.4 percent growth in the past quarter contributing to a 10.4 percent increase on the past year. 

The average value in Dunedin currently sits at $420,127.

Smaller centres such as Hawke's Bay and Nelson have also enjoyed growth over the year to September.

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