30
OneRoof.co.nz
All NZ $1.101m
ONEROOF-VALOCITY HOUSE VALUE INDEX
+4.1%
THE BRAKES ARE BACK ON
Northland $906,000
+7.9%
What the map tells you The map shows the average property value for each region on March 1, 2022 and the three-month change in growth. The different colours on the map express the change in house values in each location - red means strong growth, blue means slow or negative growth.
7%+ 6%+ 5%+ 4%+ 3%+ 2%+ 1%+
Auckland $1.575m
+3.8%
Waikato $993,000
+5.1%
Bay of Plenty $1.07m
+4.4%
Gisborne $727,000
+5.2%
Taranaki $715,000
Hawke’s Bay $878,000
+6.7%
Past peak growth, the housing market is entering new territory, says OneRoof editor OWEN VAUGHAN
+5.4%
ManawatuWhanganui $701,000
+4.2%
THE HOUSING market has shifted down a gear, with the latest figures from the OneRoof-Valocity House Value Nelson Index showing an easing of house price growth across $909,000 most regions. The nationwide average property value rose four per cent to $1.101 million in the three months to the end of Tasman February, down from growth of 5.9 per cent in the three Marlborough months to the end of January. $1.004m $794,000 In a sign that tighter lending rules and rising interest rates are starting to bite, several regions registered quarterly growth that was well below the nationwide average - and more than two dozen suburbs suffered house price drops, some as by as much as $60,000. West Coast House prices in Auckland, which had been running $396,000 hot in the closing months of 2021, were up just 3.8 per cent, while growth in Greater Wellington was a similarly low 3.4 per cent over the quarter. With house price growth of just 2.3 per cent over the three months, Tasman was the country's weakest respectively. region, while Northland, buoyed by an 8.6 per cent At a TA lift in Kaipara, was the country's strongest housing Canterbury level, Westland, market, with quarterly growth of almost eight $779,000 Rotorua and per cent. Mackenzie appear Canterbury, which had registered growth most vulnerable of 6.7 per cent in the three months to the to house price end of January, had slowed to 4.6 per falls, with all three cent. registering zero or negligible Waikato and Bay of growth over the quarter. Plenty, which had headed into 2022 with growth At the other end of the scale, Queenstown-Lakes turned in growth of 10.4 of almost seven per cent, dropped in per cent to $1.85m over the same period, pace to 5.1 per the result of big ticket sales and increased confidence in the city's housing market. cent and 4.6 per cent Of the major metros, Auckland has slowed the most over the quarter. The city's western Otago suburbs are more exposed, with growth of $960,000 just 1.1 per cent, but North Shore and central city suburbs were also subdued, with growth of between 3.3 per cent and 3.4 per cent. Franklin, Southland on the city's southern fringes, is Auckland's $529,000 strongest growth region - it was up 6.3 per cent over the quarter. Growth in Christchurch, Hamilton, Tauranga and Wellington was all around the 4.5 per cent mark, while growth in Dunedin was slower, at 3.6 per cent. The country's most expensive places to buy property remain Queenstown-Lakes and Auckland City – with average property values of $1.851m and $1.783m respectively - while the cheapest is still Buller, on the West Coast, with an average property value of $361,000.
+4.4%
+2.3%
+5.6%
+4.6%
+6.4%
+5.6%
+4.1%
Wellington $1.138m
+3.4%
HOUSING MARKET AT A GLANCE New Zealand's average property value grew $215,000 in the last 12 months. Northland and Taranaki have been the ho!est regions over the quarter, recording value growth of 7.9 per cent and 6.7 per cent respectively. Hauraki is the country's best-performing TA, with its average property value up 16.6 per cent in the last three months to $816,000. MOST EXPENSIVE: Herne Bay, in Auckland, is New Zealand's most expensive metro suburb, with an average property value of $4.187m. Speargrass Flat, a lifestyle suburb north of Queenstown, has the highest overall average property value, at $4.845m. CHEAPEST: With an average property value of $233,000, Runanga, in the West Coast’s Grey District, is the best place to bag a bargain. IN DEMAND: Whiritoa, in Hauraki, had the biggest quarterly growth, with its average property value up 23.8 per cent to $1.088m. Ninety-one suburbs in total saw their average property value grow by more than 10 per cent in the last three months. BIGGEST WINNER: Speargrass Flat gained the most, dollar-wise, in the last 12 months. Its average property value rose $1.104m. Year on year, 34 suburbs saw their average property value grow by more than $500,000. COOLING OFF: The suburb that has suffered the most over the last 12 months is Matipo Heights, in Rotorua. Its average property value grew just one per centyear on year and fell 4.8 per cent ($59,000) in the last three months. All up, 24 suburbs have seen negative or zero growth in the last three months. * Figures only cover suburbs with 20-plus se!led sales in the last 12 months.
