National residential property values are up 1.9% over the past three months, 5.7% up on the same time last year, and 1.5% higher than the last market peak, according to QV.
QV’s latest statistics, released today, follow Real Estate Institute data yesterday.
QV statistics are based on legal transactions and represent sales conducted four to eight weeks in the past, so the report is based on a three-month moving average.
QV’s research director Jonno Ingerson said the increase in values was driven primarily by Auckland and Canterbury, where supply was not keeping pace with demand.
“Outside Auckland and Canterbury, the property market remains subdued as buyers are generally cautious and there are few quality properties on the market for them to choose from.”
Auckland house values are up 3.2% over the past three months and 9.3% over the year. Prices in New Zealand’s biggest city are now 10% over their last peak.
The former Auckland City had the biggest increase over the past year, with values up 10.7%. North Shore and Manukau were close behind, with 8.8% and 8.2% rises, respectively.
Hamilton values slowed over recent months but are still 2.7% up on 2011. QV valuer Nicky Harris said there was a lack of quality listings.
Tauranga property values have been up and down over the past six months but have been dropping over recent months, QV said. Valuer Paul Thomas said a lot of buyers were waiting and watching the market.
Wellington prices are now 1.7% up on 2011.
In Christchurch, values are up 6.3% on 2011 and now 4.5% over their last peak.
Dunedin’s market is stable, with a 1.2% rise over the past three months and a 3.7% lift on 2011.
Most of the main provincial centres remain stable with slight increases in value over the past three months.
The exceptions are Whangarei, down 0.4%, Queenstown Lakes, down 0.4%, and Invercargill which has remained steady.
But over the past month only Queenstown Lakes continued to drop with the other two areas rebounding slightly, QV said.