As concerns rise about the heated Auckland market, many regional areas across the country have been making large percentage gains during the past year; albeit actual dollar numbers are well below the more than $1million median prices now found in more than 60 suburbs in the wider Auckland area.
Of the 27 mainly suburbs scrutinised by Quotable Value around Dunedin, Central Otago, Waitaki, Queenstown Lakes and Wanaka and Queenstown, all the samples made value gains on a year ago - from just 1.8% in South Dunedin through to 17% in Queenstown's Fernhill.
QV spokesperson Andrea Rush said the latest quarterly report to December showed residential property values in Central Otago suburbs and towns continued to show steady increases during the final quarter of 2015.
‘‘Demand is now clearly outstripping supply in the residential property market in Queenstown and Wanaka, and this is putting upward pressure on values,'' she said.
Around Dunedin, QV's registered valuer Duncan Jack said there continued to be high demand for, and value growth in, some of the city's more affordable suburbs, such as Mornington, Fairfield and Northeast Valley.
‘‘Values in North Dunedin ticked over the $400,000 dollar mark, which is reflective of demand for central city living and student investment property.
‘‘Although values decreased slightly there in the final quarter of the year,'' he said.
Maori Hill continued to have the highest value growth of any suburb in Dunedin.
‘‘Buyers are attracted to the suburb's quality homes, proximity to good schools and harbour views,'' Mr Jack said.
Wakari was another such suburb where values continued to show good growth and remained popular with first-home buyers, at a good entry level into the market, relatively close to the city and with reasonable-sized family homes.
On the coastal flat, values decreased in St Kilda during the final quarter of the year, while values there and in adjacent South Dunedin rose at the lowest annual rate during 2015.
Ms Rush said in Queenstown and Wanaka there continued to be higher demand for lower value properties than for higher value property.
However the demand was steadily improving for higher value properties, but there are fewer sales at the top end of the market, she said.
Fernhill rose the most of all Queenstown suburbs during 2015. The annual average rose by 17% during the year to December and the average value there is now than $600,000.
Arrowtown values continued to accelerate, rising 4.9% in the final three months of the year alone and the average value there is now $876,450, while Frankton values were up 5.2% over the same period, she said.
The Wanaka market was also buoyant and home values there rose by 8.5% during the year to December. It is now very close to topping $800,000, the average value sitting at $795,400, she said. Alexandra values were also rising steadily, up by 10% during 2015.
