Parts of Auckland see property values above 2007 peak

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While national property values have continued to gradually increase, it remains a tale of two cities for Auckland and Wellington.

The latest QV index for August revealed that while nationwide property values are 5% below the market peak of 2007, in the old Auckland City values are now 1.5% above the 2007 peak. In contrast, the capital has seen values fall 2.4% over the past year to 7.7% below the 2007 peak.

The rise in values – and an increase in sales – was also revealed in the Real Estate Institute of New Zealand (REINZ) August report.

REINZ reported 5,192 unconditional sales in August, up 905 sales (21.1%) on August 2010.