"Massive" home valuation rises across the Auckland region pushed the average up 24.4 per cent annually to a new high of $918,153 but the city's eastern area tops the lot with an average $1.34 million.
Quotable Value's latest house price index, released at midday today, showed residential properties the Auckland City East region (St Johns, Meadowbank, Glen Innes, Point England, Orakei, Kohimarama, Mission Bay, Ellerslie, St Heliers and Greenlane) topping the chart. Values there rose 23 per cent annually and 6.2 per cent in the last three months to hit $1,344,454.
A QV statement said: "Home values across the Auckland region continued to show massive value increases over the past year".
But a QV official warned of the market changing and said it might be some time before values were hit. Jan O'Donoghue, QV homevalue operations manager, said the Auckland market had changed.
"Activity appears to have eased a little which could be due to uncertainty caused by the introduction of new changes aimed at curbing investors in the Auckland market. The new policies seem to have taken the wind out of the sales of the Auckland housing market over recent weeks however values are still rising so it may take some time before we know if these moves will have any impact on values," she said.
"Some reports have auction clearance rates at lower than 50 per cent, however most properties are still selling by negotiation afterwards, so this could be due to sellers setting their expectations too high - realistically priced properties are still selling under the hammer. Sales volumes remain more than 30.0% higher than this time last year so despite reports of fewer people attending open homes and auctions homes are still selling well across the city," she said.
Auckland's second most valuable area is the North Shore coastal strip, with an average current value of $1.2 million. That area includes Westlake, Crown Hill, Milford, Takapuna, Forrest Hill, Torbay, Browns Bay, Rothesay Bay, Campbells Bay, Mairangi Bay, Murrays Bay, Devonport, Cheltenham, Belmont and Narrow Neck. Values stand at $1,231,872, up 21.6 per cent annually and 7.3 per cent in the last quarter for that area.
The area encompassing Auckland City Central (Point Chevalier, Grey Lynn, Epsom, Remuera, Parnell, the CBD, Arch Hill, Ponsonby, Herne Bay, Newmarket and Mt Eden) saw values rose 22 per cent in the last year and 6.9 per cent in the last three months to reach $934,353.
Auckland City South (Blockhouse Bay, One Tree Hill, Sandringham, Mt Albert, Wesley, Three Kings, Mt Roskill, Otahuhu, Onehunga, Mt Wellington and Avondale) values rose 26.8 per cent annually and 5.8 per cent in the last three months to hit $984,539.
Auckland city islands (Waiheke, Rakino, Great Barrier and the outlying islands) rose 11 per cent annually and 6.6 per cent in the last three months to make $886,925.
Manukau East (Bucklands Beach, Pakuranga, Highland Park, Botany Downs, Meadowbank, Burswood, Whitford, Clevedon, Beachlands, Maraetai, Howick and Dannemora) values rose 23.6 per cent annually and 8 per cent in the last three months to hit $1,005,888.
Manukau Central (Redoubt Road precinct, Manurewa, Hill Park, The Gardens, Weymouth, Wattle Downs, Otara, East Tamaki, Otara and Wiri) values rose 29.4 per cent annually and 10.7 per cent in the last three months to hit $613,798.
Manukau North West (Mangere Bridge, Mangere, Mangere East and Papatoetoe) values rose a spectacular 31.3 per cent annually and 10.4 per cent to hit an average $662,825.
North Shore Onewa (Glenfield, Marlborough, Hillcrest, Northcote, Chatswood, Birkdale, Birkenhead Central and Beachhaven) has an average current value of $869,417, up 25.8 per cent annually and 5.6 per cent in the last three months.
North Shore, North Harbour (Okura, Albany, Unsworth Heights, Meadowood and Greenhithe) has an average value of $1,031,185, up 21.7 per cent in the last 12 months and 7 per cent in the last quarter.
Waitakere (Glen Eden, Glendene, Green Bay, Henderson, Hobsonville, Kelston, Laingholm, Massey, New Lynn, Piha, Ranui, Sunnyvale, Swanson, Te Atatu Peninsula, Te Atatu south, Titirangi and West Harbour, Bethells Beach, Herald Island, Lincoln, Oratia, Westgate, Whenuapai and the Waima/Woodlands Park areas) values now stand at $737,781, up 27.7 per cent annually and 7.4 per cent in the last quarter.
Rodney - Hibiscus Coast (Waiwera, Hatfields Beach, Orewa, Red Beach, Stanmore Bay, Stillwater, Manly, Tindalls Bay, Army Bay, Gulf Harbour, Silverdale, Albany Heights, Whangaparoa shops precinct) values rose 13.3 per cent annually and 4.9 per cent in the last three months to reach $770,429.
Rodney - North (Wellsford, Warkworth, Mathesons Bay, Leigh, Snells Beach, Omaha, Mahurangi East and West, Kawau Island, Helensville rural, Kumeu rural, Dairy Flat, Parakai, Riverhead, Huapai) values rose 15.7 per cent annually and 6.9 per cent in the last three months to reach $800,175.
Papakura values rose the highest at 33.9 per cent annually and 11.4 per cent in the last three months to hit $587,435.
Franklin values rose 17.6 per cent annually and 5.7 per cent in the last three months to reach $563,275.