PHOTO: CoreLogic House Price Index (HPI)
The first CoreLogic House Price Index (HPI) for 2021 revealed the NZ property market has continued to grow in the first month of 2021, though at a reduced rate relative to last month.
– Nationwide property values continued to grow over the month, increasing by 2.2%. This takes growth in the last 12 months to 12.8% – a rate not bettered since the end of March 2017 (13.8%).
– In Christchurch, the monthly growth rate was 3.1% – the highest growth rate of the main centres and the strongest monthly rate of growth for the Garden City for at least 17 years. The quarterly (5.8%) and annual (9.0%) rates of growth are more modest than most other cities, but after years of very little growth in the South Island’s largest city, the pronounced lift is significant and shows the pace of capital gains is accelerating.
– Auckland’s annual growth rate (11.0%) moved into double digits for the first time since April 2017 (10.6%).
Main Centres
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Provincial Centres (ordered by descending quarterly growth rate)
| Change in property values | Average Value | |||
| TA | Month | Quarter | Annual | |
| Gisborne | 2.4% | 10.8% | 29.4% | $526,474 |
| Whanganui | 2.3% | 12.7% | 25.7% | $426,179 |
| Palmerston North | 3.1% | 10.8% | 22.6% | $600,258 |
| Kapiti Coast | 4.5% | 12.6% | 21.7% | $779,925 |
| Rotorua | 0.9% | 9.7% | 20.2% | $601,151 |
| Invercargill | 3.4% | 8.3% | 20.0% | $392,354 |
| Hastings | 3.6% | 10.2% | 18.3% | $663,554 |
| Napier | 3.7% | 10.0% | 17.5% | $684,337 |
| New Plymouth | 2.9% | 6.9% | 14.6% | $570,272 |
| Whangarei | 1.3% | 6.2% | 13.9% | $635,207 |
| Nelson | 1.7% | 5.1% | 9.1% | $709,489 |
| Queenstown | 0.7% | 5.5% | 0.9% | $1,214,255 |
