According to QV figures, in New Zealand, Auckland values for October have climbed +2.5% from the same time last year, while national values for October are +0.2% above last year’s, up from the -1.1% recorded the previous month.

Last month the national average sale price for the country was $389,198, up from $387,567 in September, while in Auckland City the average sale price had dropped slightly by -0.2% from $507,617 to $506,642. QV believes that a shortage of properties, especially in urban areas, had led to more buyers than available properties, meaning many sold for well above expected values. The company said that market activity remained below normal spring levels and sales numbers had remained relatively static in the past few months, and there was little evidence of a rise in new listings in most areas

Values in the main centres have recovered since earlier this year and most are now above the same time last year. Values in the Auckland region are up +2.5% on last year, Wellington is up +1.6%, Christchurch +1.3% and Dunedin by +4.3%. Only Hamilton and Tauranga failed to improve on last year’s values, down -0.1% and -1.4%.