The latest monthly QV Residential Price Movement Index shows that the Auckland market has increased 12.3% year on year and values are up 31.4% since 2007 but some property hotspots are starting to cool.
When adjusted for inflation values are up 10.6% over the past year and are 12.8% above the 2007 peak.The Auckland region as a whole has increased 2.7% over the past three months and 12.3% year on year.
Manukau East is up the most with values increasing 4.3% over the past three months. Followed by the North Shore - North Harbour where values have risen 4.2%. While in Waitakere City values rose 2.3% over the same period.
QV Valuer Bruce Wiggins said, "We are seeing a gradual reduction in the rate of growth in property values in some areas and more sellers opting to put on an asking price or sell by negotiation.
"However, sale by auction remains popular in high value areas or where there are special characteristics."
"The gradual reduction in growth is particularly noticeable in 'hot spots' such as Waitakere, which was up more than 17% year on year a few months ago and is now showing a 15.2% increase year on year and Papakura, where values are also flattening off."
"Land-banking remains popular in North-West Auckland where there are a number of new subdivisions currently being undertaken and more are planned."
"Within Flat Bush there appears to be a flattening of prices in recent times. This may be due to a number of builders/developers who bought land on terms at around the same time completing construction with the new builds appearing on the market at similar times. This can create an over-supply and may affect values somewhat there."