The warming weather is failing to fire up Auckland's housing market with prices rising just 1.1 per cent annually but dropping 0.3 per cent in the three months to October, while national values rose by an annual 5.4 per cent.
Quotable Value has released data this morning, showing national values have increased steadily by 5.4 per cent annually and by 1 per cent in the last quarter, putting the national average value at $681,802.
But in Auckland, the trend is flatter.
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"Residential property value growth across the Auckland region increased by 1.1 per cent year on year although dropped by 0.3 per cent over the past quarter. The average value for the Auckland Region is now $1,049,689," QV said.
A year ago, Auckland's average value stood at $1,038,722.
Shore values rose 1.4 per cent annually, city area values were up 1.2 per cent and Manukau values rose 1.1 per cent, QV said.
Hugh Robson, QV Auckland property consultant said listings had moderately increased and overall market activity was steady.
"There is certainly plenty of construction taking place, such as Housing New Zealand and private sector initiatives. We're continuing to see plenty of apartment style developments under way, which is helped by the Unitary Plan that many developers are utilising," Robson said.
South and west areas were busy and investors were relatively active, he said. School zoning also continues to have a big impact on market demand and value growth.
David Nagel, QV general manager, said Auckland vendors' price expectations were being challenged but they were refusing to drop below what they wanted "which is keeping values either at or slightly below their current levels."
GDP growth remained strong and the labour market continued to perform well, which was underpinning a seemingly steady market, Nagel said.
These factors, a steady interest rate environment and strong net migration signalled that the market was in a relatively strong position and first-home buyers had made a strong resurgence, he said.
Hamilton City home values rose 2.8 per cent in the quarter and 5.7 per cent annually to reach $573,757. Tauranga home values rose 3.3 per cent annually and 1.2 per cent in the quarter to hit $709,746. Christchurch values were slightly up annually but fell 0.3 per cent in the quarter and were an average $494,082.
Wellington values across the whole region rose 10.2 per cent in the year to October and 2.9 per cent in the quarter to hit $672,701.
Napier values rose 10.3 per cent annually and 0.2 per cent in the quarter to reach $515,304.
QV said spring was having an effect on many areas.
"Spring has injected energy into the market, with open homes busy across many parts of New Zealand. Despite this pick-up in activity, supply still remains low which is keeping values at or near their current levels," QV said.
First-home buyers continued to be a major force across many parts of New Zealand, particularly in the more affordable parts of Wellington and Christchurch, it said.
At the same time, New Zealand's high-value areas - those containing properties with an average value above $1m - were generally seeing a slowdown in the rate of growth as affordability constraints took effect, it noted.