10 Jan 2013

Main centres lead rise in house values

6:29 pm on 10 January 2013

House values rose by nearly 6% in 2012, with the strongest increases coming in Auckland and Christchurch.

Quotable Value says they were up 5.7% cent across New Zealand, including an 11% rise in central Auckland.

Values on the North Shore, Waitakere and Manakau were up by between 8% and 9%.

The value of homes in Christchurch rose 6.4% and were up 11% in Selwyn and Ashburton.

Excluding Canterbury and Auckland, values nationally rose 1.4%.

Quotable Value's research director Jonno Ingerson says a shortage of listings in Auckland and Canterbury drove up values last year.

Mr Ingerson says the shortage of houses to buy has created a vicious cycle, where those who would sell won't because they don't have a house to move into.

Nationally, house values finished the year 2% above the previous peak of late 2007.

In Auckland, values are nearly 15% higher than the 2007 peak.