Auckland is no longer New Zealand's fastest house price growth area
Wellington average house values are rising at a faster rate than those in Auckland.
Quotable Value's latest data, which was released at midday, shows Wellington house values have risen 21 per cent in the last year, compared with Auckland's 15 per cent.
"The Wellington market continues to show strong levels of activity and demand. Values in the capital have risen faster than the Auckland region over the past three months and year on year," QV National Spokesperson Andrea Rush said.
But Auckland's house prices continue to be nearly double that of Wellington's.
The QV House Price Index showed the average value for the Auckland Region is $1,031,253, compared to Wellington's $553,023.
The rate of growth in Auckland peaked at 24.4 per cent in November last year, and has since slowed following the introduction of tighter lending restrictions by the Reserve Bank.
"We have seen a stabilisation of prices in parts of Auckland since the new LVR rules, requiring a 40 per cent deposit from investors purchasing existing housing stock, were imposed," Rush said.
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Values in the Wellington region, however, have accelerated at a 21 per cent annual pace in September, ahead of August's 17 per cent pace.
In Wellington city, the average value is now $661,927.
House values rose 14.3 per cent nationally in the last year to reach an average $619,660.
In Hamilton values jumped 27 per cent to $529,236, Tauranga rose 28 per cent to $644,297, Dunedin lifted 12 per cent to $339,201, and Christchurch edged up 4.4 per cent to $495,723.
"Many regional centres around the country also continue to experience strong value growth with Western Bay of Plenty, Rotorua, Kawerau, the Hauraki District, Whangarei, Napier, Hastings and Nelson markets some of the stand out regional performers," said QV's Rush.
"The only areas to see a decrease in values over the past year were the South Island West Coast districts of Buller, Grey and Westland and South Western suburbs of Christchurch."
