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Auckland City property values at new high


Monday 11th July 2011

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The property slump looks to be over in the former Auckland City Council area, with QV figures showing values climbed to record highs in June.

The Auckland City values were now 0.7 percent above the previous market peak of late 2007, research director Jonno Ingerson said today.

The gains in Auckland City were due to a range of factors including a lack of quality properties for sale, strong demand for established character locations and good school zones, and a perception that buying in central Auckland was a safe investment.

Across wider Auckland, values were now 1.4 percent above last year and only 1 percent below the peak in late 2007.

There was variability, with the Manukau area being more or less stable over the past three months, while North Shore and Waitakere had increased modestly, Ingerson said.

The increases in Auckland were also responsible for much of the gain in nationwide values in June.

Having previously remained relatively stable for several months, national values last month were 0.9 percent down from June 2010, and 5.2 percent down from the market peak.

Values in Hamilton and Tauranga had levelled off in recent months, with Hamilton now 3.6 percent down on last year and Tauranga 1.8 percent down, Ingerson said.

Wellington was the only main centre where values had continuing to decline in recent months, down more than 1 percent since January, and now 3.3 percent below the same time last year.

Uncertainty around restructuring in the public sector may be causing some home owners to take a more conservative approach to the property market, Ingerson said.

QV was not publishing an index for quake-damaged Christchurch until it had more certainty about the validity of results, given sales volumes were low and activity patchy across large parts of Christchurch.

Properties in undamaged parts of Christchurch tended to be selling for around pre-quake values, with little sign that prices were either significantly up or down.

The average national sales price over the past three months is $412,746, up from $404,057 reported in May.

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