QV said today values over the whole Auckland region had risen 6.3% in the past year, but the pace had picked up since April. In the last 3 months Auckland values increased 3.1%.
Nationwide, values rose 2.2% over the past 3 months, 4.6% over the past year to be 0.8% below the previous market peak of late 2007. In inflation-adjusted terms, values were 13.1% below peak.
Values have increased the most in old Auckland City, up 7.1% over the past year and up 3.2% over the past 3 months. QV valuer Jan O’Donohue said North Shore, Waitakere & Manukau weren’t far behind rising 6.2%, 5.9% & 6% respectively over the past year. In the past 3 months, North Shore values have increased by 3.5%, Waitakere & Manukau by 2.8%.
Values in the wider Auckland area are now 5.6% above the 2007 market peak, with the old Auckland City leading the way at 8.4% above. When inflation is taken into account old Auckland city values remain 5.2% below the peak although at the current rate of increase will soon be above the previous peak in inflation adjusted terms also.
QV valuer Jan O’Donohue said “Auckland continues to be a sellers’ market with limited listings in most areas. The market has changed in the North Shore over the past couple of months, with buyers now acting with more confidence and a sense of almost certainty that the market was heading upwards.
“This is leading to increased competition and prices are edging up accordingly. Prices are also rising south of the Harbour Bridge with Avondale, Blockhouse Bay, Mt Roskill, Pakuranga & Howick popular. Many vendors are also opting to sell by auction, with the auction dates being brought forward when interest is high.
“Property investors & small developers are coming back into the market, to the point whereby first-home buyers are struggling to match them & second-home buyers with equity. More investors are continuing to add to their portfolio in the west, where values continue to be steady.”
Bob Dey Report