QV January 2012 - the regions

Auckland

Values in the Auckland area increased by 4.3% during 2011 and ended the year at their highest level ever, 1.4% above the previous peak of late 2007. The Auckland market in 2011 was generally characterised by a lack of new listings and quality stock. This led to increased demand for the good quality properties that did come to the market. The central suburbs performed particularly well and consequently the old Auckland City area increased 5.8% during the year and values are now 3.3% above the previous market peak.

Wellington

Values in the Wellington area varied throughout the year, beginning by increasing slightly for the first couple of months then falling through until September before beginning to increase again. As a result, values at the end of the year were just 0.4% below the previous year, and 6.5% below the previous market peak.