Auckland house prices are now increasing at a faster rate than they did before the previous property price peak, Quotable Value says.
Its latest monthly property value index shows nationwide residential values increased again in June.
They are now up 7.6% over the past year, and 2.8% over the past three months.
Operations manager Kerry Stewart said Auckland prices were increasing much faster than other regions’.
“The is little sign that values will slow in Auckland in the immediate future. The number of properties for sale is continuing to drop while demand remains strong. Christchurch is also suffering from a shortage of stock leading to upward pressure on prices. The rest of the country generally isn’t suffering from such a shortage so value increases are likely to remain modest.”
Auckland prices are up 12.6% on the same time last year. Stewart said South Auckland was becoming more attractive because there was still housing stock available for $300,000, making it affordable for first-time buyers.
Hamilton’s values are up 3.9% over the year, Wellington’s are up 2.6%, Dunedin has reported an increase of 4% and Christchurch has seen a 10.4% lift.
Valuer Darryl Taggart said there was increasing hype around central city properties in Christchurch. “This is translating to more investors showing interest in the market.”
Even provincial centres that had been reporting a decline have seen things turn around, although prices outside Auckland are rising at about half the rate they were before the last peak.
Whangarei’s prices are up 2.5% over the past three months, QV says, and Gisborne’s 2%.