The majority of New Zealand has shown little property value growth, according to the latest data analysis from CoreLogic.

Property values in Manukau have recorded the strongest growth at 29%– a continuation of growth for the rest of the Auckland region since 2012. North Shore was 5.7% behind.

The Bay of Plenty registered 21.4% value growth, the report said.

Auckland City saw 21.4% growth over the reporting period, with Waikato a further 1.4% back on 20.0% growth (January 2015 to April 2016).

CoreLogic senior research analyst Nick Goodall said the big centres in the top half of the North Island were “flexing their muscles” but he doubts they could keep up.

Goodall said Canterbury, Taranaki, Southland and Manawatu were “struggling to find form.”

“Looking at Canterbury, it’s worth pointing out that the region was significantly affected by the 2010 and 2011 earthquakes which reduced property stock and increased demand in the short term as the rebuild got underway,” Goodall said.

“This meant its property values grew out of cycle with most of the rest of NZ and by 2015, while most other areas saw little value growth; it had appreciated by almost 30%.”

Over the full 32 months from January 2015 to September 2017, the Bay of Plenty, according to Goodall, scored a final “points haul” of 49.3% growth.

Waikato was a few points down at 43.9% while Northland ranked thirds with 42.9% growth over the period. Manukau was at 42.7%, while Auckland City dropped back to seventh and North Shore to ninth.

Southland and Taranaki grew fewer than 20% Canterbury remained at the bottom of the table with only 6.1% increase over the entire period, Goodall said.

CoreLogic used the QV House Price Index and grouped 14 regions and cities to compare value growth between provinces. 

Source: NZadviseronline.co.nz