Ray White Now New Zealand - September Edition - Page 9

The size of the gains matched the high frequency of resale profits in these areas in Q2 . The median gains were about $ 440,000 in both Hastings and Napier and were more than $ 300,000 in Whanganui and Palmerston North – with New Plymouth also strong at $ 275,000 .
Property re-sellers across the key South Island centres generally remained in a strong position in the second quarter of the year . In Nelson , no resales were made below the original purchase price , while the figure was only 0.4 per cent in Invercargill ( one property ). In Queenstown , about 4 per cent of properties were resold below the original price , but that was only a handful of deals and still well below the figure of closer to 9 per cent in mid-2020 .
Consistent with those figures , the scale of gains was also high ( and the scale of losses low ). The median resale profit in Queenstown in Q2 2021 was $ 460,000 and was more than $ 337,000 in Nelson . Invercargill came in at $ 222,650 .
In our update on property prices , the highlights from the CoreLogic HPI for July shows annual increases across New Zealand of 24.8 per cent , with the average value being $ 922,421 . The major market saw Wellington have the greatest annual increase of 31.9 per cent , followed by Hamilton at 26.8 per cent . Tauranga now has an average sale price of $ 994,708 and , in the last 12 months , has risen by 25.3 per cent .
Change in Property Values
Area
Month
Quarter
Annual
Average Value
New Zealand
1.8 %
5.9 %
24.8 %
$ 922,421
Auckland
2.1 %
5.0 %
21.6 %
$ 1,310,305
Hamilton
0.4 %
6.1 %
26.8 %
$ 805,503
Tauranga
1.7 %
7.9 %
25.3 %
$ 994,708
Wellington
1.5 %
7.1 %
31.9 %
$ 1,024,290
Christchurch
2.1 %
8.4 %
24.2 %
$ 644,628
Dunedin
1.5 %
4.5 %
20.6 %
$ 664,560 Source : corelogic . co . nz
The provincial markets saw very strong gains , with Napier , Porirua , Lower Hutt , Hastings , Kapiti Coast rising between 30 and 35 per cent annually . Upper Hutt , together with Gisborne and Palmerston North , showed annual rises between 35 and 40 per cent . During the past month , the strongest market in New Zealand was Whanganui , which increased 3.8 per cent and gave it the honour of being the highest annual rise of 40.1 per cent in value across New Zealand .
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