It’s official: the average Auckland home now costs more than $1 million
Quotable Value's house price index for Auckland has reached a milestone.
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Hawke’s Bay
So it’s official: the average Auckland home now costs more than $1 million, according to Quotable Value.
Actually, it happened some months ago, even though QV calls the figures “August.”
The actual August figures from the Real Estate Institute are due out next week and may well also show a $1 million reading for August for Auckland sales that went unconditional last month – their index showed a $996,550 figure for Auckland in July.
Most of the house sales QV bases its numbers on actually went unconditional in April, May and June – QV prepares its index on a three-month rolling average basis and only counts sales after they’ve settled.
The $1 million milestone was widely anticipated and serves to confirm what we already know: the housing market has been running red hot with house price inflation in double digits – the QV figures put the annual increase in Auckland at 14.3% and the national increase at 14.6%.
QV puts the average house price in the central Auckland and North Shore suburbs at $1.18 million and the overall average for the region at just above that $1 million mark.
Nationally, it puts the average house price at $612,527.
What these figures don’t tell us is anything about the impact of the Reserve Bank’s latest loan-to-valuation restrictions which were announced mid-July.
However, QV spokesperson Andrea Rush does say the LVRs are starting to have an impact in Auckland, Tauranga and Hamilton.
“In recent weeks there has been a drop off in market valuation requests, auction clearance rates, open home attendees and loan application rates in these centres,” she says.
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Jenny Ruth
Tue, 06 Sep 2016
Tue, 06 Sep 2016
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It’s official: the average Auckland home now costs more than $1 million
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