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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