Auckland property hits doldrum
Values flat, declining, marginally up
Autumn and early winter Auckland property values have stayed on ice, showing a longer-term pattern of being frozen or flat.
The city's once-superheated property market, which in 2015 was rising at more than 24 per cent, has cooled to the point where in the three months to June, values fell in dozens of suburbs.
The QV Value Index out today showed Papakura values fell 1.8 per cent, Waitakere 0.6 per cent, Manukau northwest, Franklin 0.1 per cent, Auckland City east and Auckland City south fell 0.5 per cent.
Auckland east is St Johns, Meadowbank, Glen Innes, Pt England, Orakei, Kohimarama, Mission Bay, Ellerslie, St Heliers and Greenlane.
Auckland city south is Blockhouse Bay, One Tree Hill, Sandringham, Mt Albert, Wesley, Three Kings, Mt Roskill, Otahuhu, Onehunga, Mt Wellington and Avondale.
North Shore values rose only 0.2 per cent overall in the three months, Rodney 1.6 per cent and Manukau values had no change.
Overall, New Zealand values rose 1.2 per cent to reach an average $639,051, up 1.2 per cent in the past three months, 8.1 per cent in the past year and 54.2 per cent since the previous peak in 2007.
Auckland property values average $1,045,059, up 2.4 per cent in the past three months, 7 per cent in the past year and 91.2 per cent since the 2007 peak.
QV national spokesperson Andrea Rush said: "Values in the Auckland market continue to hold steady with the average value across the region remaining at just over $1 million.
"However, sales volumes in the Super City have plummeted to 30 per cent lower than they were this time last year as high prices coupled with banks' stricter lending criteria are making it increasingly difficult for anyone but cash buyers or those with higher levels of equity to buy property.