Housing values nationally have taken another leap upward, principally driven by Auckland with its $775,555 median house price for January.
Nationally, the median price has risen 19.2% since the late-2007 high, to $494,083, and up 5.7% on a year ago, while Auckland was up 41.9% since late 2007, and up 11.6% on a year ago, Government agency Quotable Value (QV) said yesterday.
QV national spokeswoman Andrea Rush said the national increase was mainly being driven by growth in Auckland, which had seen a continued acceleration in values.
''However, the other main cities and many provincial centres are now also showing more moderate increases in value as well,'' she said in a statement.
The Queenstown Lakes area has kept pace with Auckland, gaining 6.7% on a year ago to $697,560, but was up only 1.4% since late-2007.
Ms Rush said value increases in the South Island had generally been at a slower rate and some areas were showing decreases.
QV's registered valuer in Dunedin, Duncan Jack, said demand had decreased during Christmas when people went on holiday, but buyer interest and demand was now good, with many multiple offer scenarios being reported.
''Attractive interest rates may be helping to create the increasing demand we're now seeing.
''However, despite this, value levels across the city remain steady, which may indicate buyers are still fairly price sensitive in Dunedin,'' Mr Jack said.
The majority of Dunedin sales were in the $200,000 to $300,000 value range, but confidence and buyer interest within the higher value part of the market, above $300,000, appeared to be increasing, he said.
