House prices in Auckland fell by 1.2% y-o-y: CoreLogic QV

According to the latest data released by CoreLogic QV, the average residential property values in Auckland have risen by 1.3% over the three months to November 2019. But taken annually, this change comes out to be 1.2%, with the average value being $1,038,477.

Taking the entire country, CoreLogic QV said, “Recent momentum in the NZ housing market continues in November – fresh upswing now clearly underway. According to the CoreLogic QV House Price Index, average property values rose by 1.0% from October to November, with the annual rate of growth now sitting at 3.3%. That’s up from the 2.0% lull in June, and the strongest annual growth figure since November last year.”

“The strengthening in property values over the past few months has been reasonably broad-based around the country, with Auckland’s mini-downturn, for example, now looking to have passed (values there have risen by 1.3% in the past three months), and other areas remaining buoyant – take Dunedin, for example, where values have soared by 17.1% in the past year (equivalent to about $73,800). Nationally, average property values have now risen above $700,000 for the first time.”

CoreLogic Senior Property Economist, Kelvin Davidson added, “2019 has been another intriguing year for the property market, with capital gains tax ruled out, tax ring-fencing brought in, KiwiBuild restructured, mortgage rate wars frequent, and foreign buyers barred (from October 2018).”

(All information and content in this section is courtesy www.corelogic.co.nz)