House prices up but Auckland lagging

House price growth picked up in November but Auckland is still dragging.

QV’S latest statistics show nationwide house prices were up 6.4 per cent in the year to November, compared to annual growth of 3.9 per cent in October.

But in Auckland, they are down 0.5 per cent on the same time the year before, the slowest rate since March 2011. Christchurch’s prices also softened, down 1.5 per cent.

QV senior consultant James Steele said values held in soughtafter parts of Auckland but had fallen further away from the CBD.

‘‘An oversupply in some areas of Manukau is continuing to cause a decrease in prices, particularly in large new subdivisions which are above the median house price, while in parts of Waitakere values have also dropped back some suburbs.’’

Hastings had the biggest yearly increases at 18 per cent.

Spokeswoman Andrea Rush said nationwide house prices were up 3.6 per cent over the past three months, led by Wellington, Dunedin and some regional centres.

Values across the Wellington region rose 9.8 per cent in the year to November. In Dunedin, prices are up 13.1 per cent for the year.

‘‘However, values in Hamilton and Tauranga ticked down slightly and some areas to the south and north of Auckland that have seen very strong growth in recent years also saw values drop significantly including the Kaipara and Hauraki Districts, both down around 4 per cent over the past quarter,’’ she said.

Things could pick up further over the coming months. ‘‘The easing in loan-to-value restrictions in January and retail banks’ lending criteria is likely to help improve activity and demand ... but it’s possible the usual slow-down over the Christmas period may mean we don’t see the full impact of this until February and March next year.’’