National house values ended 2013 up 10% year on year, but
most of Otago fell far short of reaching any double-digit
Government agency Quotable Value (QV) said the rise in
national values was driven by strong increases in Auckland,
and to a lesser extent Christchurch.
QV research director Jonno Ingerson said as with 2012 the
2013 increases were driven largely by Auckland, national
values rising 3.0% in the past three months, up 10% in the
past year and 12.5% above the previous market peak in late
The wider Auckland area was up 15.4% at $693,549, gains in
the North Shore, Waitakere and South Manukau all ranged from
above 15% to almost 20%, while central, north and southwest
Christchurch booked gains of between 13% and 15%. Central
Otago figures were up 4.5% at $309,781, the Queenstown Lakes
area was up 5% at $646,375, while in Dunedin values rose 3.8%
Mr Ingerson said implementation of the Reserve Bank's
loan-to-value restrictions on banks, to cool the market, had
begun to have an impact.
''The number of sales slowed down and the number of new
listings followed suit. As yet there appears to have been no
impact on values, although it is really too early to expect
dramatic change,'' Mr Ingerson said in a statement yesterday.
Provincial centres showed less of a clear trend during 2013
than the main centres, he said.
Apart from Wanganui and Queenstown, house values in most
provincial centres increased during 2013, but the increases
were less than 5%, the exceptions being Gisborne, which rose
5.5%, and New Plymouth, which was up 7.3%.
The other big influence on the property market this year
would be rising mortgage interest rates, rises increasing the
cost of servicing mortgages, which in turn would lead
potential buyers to borrow less, putting downward pressure on