House values rise across New Zealand but Auckland cooling

AUCKLAND, NEW ZEALAND - NOVEMBER 25: Houses for sale and sold in central Auckland suburbs on November 25, 2015 in Auckland, New Zealand. The average house price in Auckland has risen by 70 per cent t

House values around the country have continued to climb, but there was further evidence today of a cooling trend in Auckland's property market.

Monthly figures from Quotable Value showed a 0.2 per cent decrease in Auckland values in the three months till the end of March, when the average value of a residential property stood at $931,061.

Around the country residential property values for March have increased by 0.2 per cent over the past three months and the average value nationwide is now $559,492.

QV national spokeswoman Andrea Rush said values in Auckland had risen in the past month by 0.6 per cent, suggesting the downward trend in the Super City may be coming to an end.

Values across Hamilton City increased by 3.7 per cent over the past three months and 23.3 per cent year on year. The average value in the city now is $460,725.

Home values in Wellington City area increased by 4.2 per cent over the past three months and 8.9 per cent year on year. The average value there is now $593,060.

"The strong upward trend in the Hamilton and Wellington housing markets is continuing unabated. While in comparison the Christchurch market remains relatively flat, rising only slightly. The Dunedin values continued to rise at a steady pace," Rush said.

While the overall figure for the Auckland region was now 0.2 per cent down in the first quarter of the year, not all parts of the super city saw values drop.

Home values dropped in the former Auckland City council central suburbs, decreasing by 0.3 per cent over the past three months.

Waitakere City home values and values on the North Shore dropped both by 1.1 per cent over the past three months.

Manukau City bucked the downward trend it's seen over the past couple of months and values started rising again by 0.5 per cent in the first three months of the year.

Papakura District increased the most, up 1.9 per cent over the past three months while Rodney and Franklin continue to play catch up on more central areas. Rodney home values rose 1.8 per cent over the past three months and Franklin values were up 1.7 per cent over the past three months.

WATCH: QV's latest figures explained:

QV Homevalue Registered Valuer, James Wilson said agents have reported a shortage of listings in Auckland while buyers are making risky moves to secure properties.

"Buyers appear willing to secure properties on an unconditional basis without always completing adequate 'due diligence'. This market behaviour is considered highly risky and can leave purchasers exposed if something is wrong with the property.

"The outlying Auckland localities continue to remain popular among investors and owner occupiers alike."

Home values in Tauranga City continued to increase, rising 5.5 per cent over the past three months. The average value in the city is now $571,872. Western Bay of Plenty home values rose 7.1 per cent since the beginning of January and the average value in the district is now $497,748.

Further south, home values in Christchurch City rose by 0.8 per cent over the past three months and home values in Dunedin continued to show strong and steady increases rising by 2.0 per cent over the past three months.