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Auckland property values hit record high on first-home buyer demand, national values rise: QV

Thursday 8th December 2011

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Auckland property values climbed to their highest level ever in November as first-home buyers underpin demand for houses in the middle and lower end of the market, while values nationwide crept up.

Property values in the country’s biggest city were 3.4 percent higher than the same time a year ago and are now 0.6 percent above the previous peak in late 2007, according to government valuer Quotable Value. On a nationwide basis, values are 1.7 percent higher than November 2010, and 4 percent below the peak.

“First-home buyers are tending to be a sizeable proportion of those active in the market,” registered valuer Glenda Whitehead said in a statement. “This is driving demand and value levels in the lower to middle value end of the market,” she said, referring specifically to Auckland.

Auckland has underpinned national property value growth in recent months, though QV said gains were beginning to show across the country. The city’s average sale price fell to $513,792 in November from $526,861 in October.

Research director Jonno Ingerson said an increase in listings “potentially gives a greater choice for buyers, however many remain cautious in their decision making and are not rushing to purchase.”

Wellington area property values were 0.4 percent lower than in November last year, slowing the decline through the first half of 2011. The average three-month sale price of $421,778 was lower than $432,894 a month ago.

Christchurch property values were 3.6 percent above the same month a year ago, with the average sale price at $372,040, up from $379,462, and Dunedin property values were 0.2 percent lower than in 2010, with the average sale price at $257,951 in November down from $262,472 in October.

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