Home values continue to increase around Otago and Queenstown Lakes and Central Otago have recorded double-digit growth on a year ago.
While Auckland housing market values had decreased by 0.2% during the past three months, on a year ago they had increased 16.9%, according to Quotable Value (QV) data released yesterday.
Auckland values are now 70.4% higher than the previous peak of 2007, QV national spokeswoman Andrea Rush said.
‘‘Many provincial centres are experiencing the fastest rate of home value growth since before the previous peak of 2007, including Whangarei, Napier, Rotorua, Taupo, Carterton, in Wairarapa, as well as the Central Otago and Queenstown Lakes districts,'' she said.
The QV data follows hard on the heels of housing affordability, which earlier in the week identified Otago as one of the most affordable provinces in the country, but Central Otago one of the least affordable, second only to the heated Auckland market.
Dunedin home values showed ‘‘strong and steady'' increases rising 8.1% year on year. The average value was now $315,185.
Central Otago rose 11.5% for the year to $356,462 while Queenstown Lakes rose 13.3% to $810,980.
QV Dunedin registered valuer Duncan Jack said value levels had continued ‘‘on a steady upward trend'' and sales activity levels were ‘‘extremely buoyant''.
Sale numbers appeared to be restricted only by the number properties listed for sale.
‘‘All sectors of the residential market are being affected by the increase in demand, especially in the $200,000 to $300,000 price range,'' Mr Jack said in a statement.
Listing levels appeared ‘‘fairly static'' but most buyers had strong intentions of purchasing, resulting in multiple-offer scenarios being commonplace around Dunedin.
Anecdotal evidence continued to suggested good demand from out-of-town investors attracted by higher rental yields, while other moving to the city were attracted by Dunedin's lifestyle and value for money, Mr Jack said.
Ms Rush said home values had risen in most parts of New Zealand in the first quarter of 2016, with the exception of the Auckland.
She said the latest CoreLogic buyer classification data showed 44% of Auckland sales were to multiple property owners, 21% to first-home buyers and 24% to those moving home.
Around the rest of the country, multiple property owners accounted for 37% of sales, 20% of sales were to first-home buyers and 26% to movers.
