KEY POINTS:
Residential property values are holding or gaining slightly in New Zealand's larger urban areas, with provincial centres, for the most part, keeping pace, a Quotable Value report released last night shows.
Quotable Value statistics for last month show a 9.4 per cent growth in residential property values over
the past year, a rate only marginally slower than the 9.6 per cent reported in October.
The average New Zealand sale price over the period was $347,005.
The figures were calculated over the three months to November, in comparison with the same period last year.
Quotable Value spokesman Blue Hancock said although property values across the country were rising, the growth rate had been easing throughout this year.
However, several areas have bounced back in the spring property market.
Some of the early runners in the market are increasing in value at a faster rate than last month.
The report shows Franklin has had the strongest growth in the Auckland region, with growth at 9.4 per cent, a high not seen since February-March.
Auckland City experienced 7.2 per cent growth, while North Shore remained relatively static at 5.9 per cent, despite strong buyer interest.
Waitakere growth remained stable at 6.8 per cent.
Hamilton's property values grew by 8.7 per cent, down from 9.9 per cent in October. The average sale price was $320,215.
Demand for residential property and the rate of growth in property values continued to ease across all parts of Hamilton.
Richard Allen of QV Valuations said November was the 12th consecutive month that had shown a decrease in the growth rate for Hamilton City.
Although sales activity and growth had eased quite substantially, he said, the average sale price in Hamilton continued to hover around $320,000.
Moving further south, the residential property values in Wellington City increased by 9.8 per cent over the past year to November, the same growth rate reported in October.
The average sale price in Wellington City was $463,453.
Growth rates in the Hutt Valley were around 16 per cent.
Residential properties in Christchurch increased in value by 9 per cent to the end of November, down from the 9.5 per cent of October.
The city's average sale price was $328,873.
Residential property growth rates in Dunedin rose 4.6 per cent, with the average house price coming in at $261,799.
The Quotable Value report said trends in provincial cities were similar to the main urban areas, though some cities continued to slow.
