House values rise just 1.2%

National house values rose only 1.2 per cent in the past three months but could bounce back in the coming weeks, says the country’s largest valuation and property services company and state-owned enterprise Quotable Value.

Data out yesterday showed a flat market, influenced by the holiday period and, although general manager David Nagel says that could change, the growth won’t be outstanding. “There have been no dramatic changes to values over the past month, which is a likely result of the holiday season which generally sees less market buoyancy.”

QV consultants expected the market to bounce back in the coming weeks when the peak holiday period ends. LVR restrictions were loosened from January 1 which would also enable new buyers to enter the market, he said.

Auckland values rose only 0.1 per cent in the three months to December to reach an average $1,048,145.

Tauranga values were up 1.6 per cent to $720,645, Hamilton values fell 0.2 per cent to hit $570,886, Hastings rose 7.4 per cent, Wellington 3.2 per cent, Christchurch 0.5 per cent, Queenstown Lakes 2 per cent and Dunedin 3.5 per cent.

Barfoot & Thompson released data on January 7, saying Auckland had moved into price decline territory. Prices fell 0.8 per cent from January 2017 to January 2018 to reach a median $836,792, Barfoot & Thompson said.