Over this period, the average sale price for New Zealand properties was $394,397.
Auckland:
Propertyvalues in the Auckland region grew by 13.1% over the past year(calculated over the three months ending August 2007 in comparison tothe same period last year). The average sale price for the region was$504,860.
This month’s statistics continue to present a rosy picture of the residential property market for the Auckland region. The 'year on year' growth rate is up on levels reported last month across the Auckland region with the exception of Franklin, which remains fairly static. Average sale prices in different cities and regions are all rising.
“Sales volumes in all areas are down, but prices seem to be holding. This scenario fits with the reports of reduced levels of listings over the winter period” said Glenda Whitehead of QV Valuations.
“Our valuers working in Waitakere city report a slowing of activity over the past 4-6 weeks. Agents are saying that there is still a reasonable number of buyers looking for property. However, the shortage of good stock along with high vendor expectations is making the sales hard work” said Whitehead. “There is evidence of properties staying on the market for 6-8 weeks. Properties at the lower end of the market and the more highly priced ones are slower to move, in comparison to the medium priced suburbs. Activity levels still appear healthy in Te Atatu, New Lynn and parts of Henderson”.
“Within Waitakere city properties that have been recently renovated seem to be selling quicker than those that are dated or "tired", with the latter sitting very long on the market, usually because the asking price is unrealistic” said Whitehead.
“Activity in the Manukau area is down in recent months, with limited stock on the market at present. Generally it is felt that sale prices appear steady. Many people involved in the wider residential market feel that activity levels will increase as we get into the spring months” said Whitehead.
Hamilton’s property values increased by 14.1% over the past year (calculated over the three months ending August 2007 in comparison to the same period last year).
“The property market in Hamilton still shows its resilience with the value growth for the city higher than last month. North East 14.3% and South East Hamilton 13.1% reported slight increases in annual growth rates. However, there are signs that the market is beginning to ease with South West Hamilton dropping to 12.2% and North West Hamilton static at 12%” said Richard Allen of QV Valuations.
“The Hamilton market’s durability is also reflected in an increase in the average sale price from $356,849 to $358,944 this month. Expectations are that sales activity will decline, however sale prices are likely to remain static rather than decrease” said Mr Allen.
Tauranga:
Tauranga property values grew by 7% over the past year (calculated over the three months ending August 2007 in comparison to the same period last year). “The Tauranga property market has been stable with growth rates recorded at similar levels over the past four months” said Christopher Boyd of QV Valuations.
Wellington:
Property values in the Wellington region increased by 16.5% over the past year (calculated over the three months ending August 2007 in comparison to the same period last year), similar to the level reported last month.
The average sale price for the region was $448,267.
"Increases in property values have been steady in the Wellington Region, with Upper Hutt and Lower Hutt continuing to lead the market with 21.5% and 20% respectively” said Max Meyers of QV Valuations. “The western part of Wellington City is the highest priced area with an average price of over $570,000”.
“Feedback from the market is reporting consistently low levels of sale activity across the region. Expectations are that the very buoyant figures reported for the Wellington region will soon ease in coming months. With this in mind more caution should be exercised in pricing property, as ambitious pricing is highly unlikely to be covered in the current market conditions” said Mr Meyers.
Christchurch:
Property values in Christchurch increased by 14.1% over the past year (calculated over the three months ending August 2007 in comparison to the same period last year), up from 13.1% reported last month. The average sale price for the city was $359,809.
The lower end of the market dominated by first home buyers and investors is very active, which fuels the growth in the city” said Mark Dow of QV Valuations. “Nearly 75% of Christchurch sales are in the under $400,000 bracket. Less competition and interest is seen in the upper end of the market.”
“The market in the provincial centers seems to be on a plateau with minimal difference in growth rates compared to last month. Selwyn is the only area that recorded a fall in property values from 24.5% to 21.6% this month” said Mr Dow. “The general feeling is that the market will continue to flatten and growth rates will soon be easing in more areas”.
Dunedin:
Dunedin’sresidential property values increased by 9.6% over the past year(calculated over the three months ending August 2007 in comparison tothe same period last year), down from 10.8% last month. Over this period, the average sale price in Dunedin was $271,703
Source: QV Valuations
