How do house prices compare today with those prices of 2010?
The latest monthly report from QV property shows that, nationally, property values for January have increased 5.7% over the past year and 2% in the past three months. As you can see in the graph below, values are 19.2% above the previous market peak of 2007.
The Auckland market has increased 11.6% from this time last year, 5.1% over the past three months and 41.9% since 2007. South Auckland saw the greatest increase with values rising 7.9% over the past three months and 14.1% year on year.
Manukau–North West values rose 6.6% over the past three months and 13.4% year on year
Manukau Central was up 2.6% over the past three months and 10.1% year on year
Manukau East values increased 3.3% since November and 8.7% year on year.
There is still a severe shortage of listings across Auckland and we are getting reports that people are cautious about selling their homes without first securing somewhere else to move to. The LVR restrictions appear to be continuing to impede those buyers without a 20% deposit. On the upside, new builds are increasing in favour for buyers (as banks are currently accepting lower deposits for new homes from as low as 5%).