QV has released latest house value data showing big rises nationally and in Auckland but growth rates are slowing, a trend which continued during the past month.
The latest monthly QV Residential Price Movement Index showed that nationwide residential property values for August rose 6.9 per cent over the past year and 1.7 per cent over the past three months. This means they are now 15.8 per cent above the previous market peak of late 2007. When adjusted for inflation the nationwide annual increase drops slightly to 5.2 per cent and values remain below the 2007 peak by 0.8 per cent.
The Auckland market has increased 11.4 per cent year on year and values are up 33 per cent since 2007. When adjusted for inflation values are up 9.7 per cent over the past year and are 13.8 per cent above the 2007 peak, QV said.
Auckland values increase by 1.8 per cent over the past three months and 11.4% year on year.
Auckland City Islands saw values increase the most, up 5 per cent over the past three months; followed by Rodney - Hibiscus Coast up 3.4 per cent; and Manukau - North West and Rodney District, both up 2.7 per cent.
QV Valuer Bruce Wiggins cited the election as an influencing factor.
"Winter has seen a continued reduction in transactions and listings are low across the Super City region. The upcoming election may also be a factor in the market being quiet as well as people wait to see the election result before making a decision."
"Good properties are still attracting good money but if there are any issues with a property then it is likely to take longer to sell."
"New builds are also selling well and attracting good prices. As there are no LVR restrictions on lending for new builds this may account for the stronger interest in this sector," Wiggins said.