Residential property values remained relatively flat in parts
of Otago last year, any increases well below the national
Quotable Value New Zealand's property value index showed
property values in New Zealand increased 5.7% in 2012,
largely driven by a more than 9% increase in Auckland and a
more than 6% increase in Christchurch.
Outside those two centres, Dunedin was the city with the
biggest increase, with a 2.9% rise. In the Queenstown-Lakes
district, property values also ended the year up 2.9%, and
Central Otago values increased 3.3%.
Property values decreased on average 2.3% in Clutha and 3.6%
Quotable Value research director Jonno Ingerson said 2012
featured a flat start to the sales year, then growth around
mid-year, before a faltering finish.
Property values in Auckland were constantly driven by
internal and external migration, and were likely to continue
in the same vein, while Christchurch property values were
being driven by the post-earthquake demand for undamaged
Sales picked up in most provincial centres compared with
2011, but were well below peak volumes in 2003-6, the major
exceptions being Queenstown-Lakes and Nelson, where sales
volumes were close to those past peak levels.
A defining feature of 2012 was the low number of properties
on the market.
''Many willing buyers found it hard to find suitable
properties and this to some extent constrained sales volumes.
As has been the case for the past several years, quality
properties in desirable areas tended to sell quickly for good
prices, while properties with perceived flaws either sat on
the market or needed to be discounted.''
For 2013, the trends looked set to stay largely the same.
Values in Christchurch and the surrounding areas were likely
to keep growing as demand continued to outstrip supply.
The rest of the country looked to remain variable in response
to local economic conditions, but in most areas values would
remain relatively flat, he said.
Average change in residential property values in 2012
• Waitaki +0.8%
• Central Otago +3.3%
• Queenstown Lakes +2.9%
• Dunedin +2.9%
• Central/northern city +1.7%
• Peninsula/coastal Dunedin +1.7%
• Southern city +4%
• Taieri +3.4%Clutha -2.3%
• Southland -3.6%
• Gore +1%
• Invercargill +2%