National residential home values are now more than 10% above their previous peak of late 2007, with Auckland well beyond that average, while Dunedin values trail at the other end of the spectrum.
Quotable Value (QV) research director Jonno Ingerson saidnationwide value increases for October were largely driven by Auckland and Canterbury, as had been the case for some time.
While national residential values in October had increased 8.9% over the past year, and 2.7% over the previous three months, the Auckland market had increased 14.5% year-on-year and values were 23.7% above the previous 2007 peak.
He said the Reserve Bank's loan to value ratio (LVR) cap had the potential to affect the number of first-home buyers, but it could be ''months before any evidence of this becomes clear''.
In Dunedin, values increased slightly and were now 2.7% above last year, having seen a 0.8% increase during the past three months.
QV valuer Duncan Jack said the market in Dunedin remained steady with LVR changes yet to have a significant effect on value levels. ''There is a slight lack in listings and good demand across different price ranges,'' he said in a statement yesterday.
Christchurch values were ''significantly above'' with values up 11.8% on a year ago, and 2.7% up during the past three months.
