QV’s latest data reveals some of the huge disparity in the property market in New Zealand at the moment.
While nationwide property prices are now 4% above their 2007 market peak on average, there are huge differences between the best performing areas and those still in the doldrums.
Properties in the Waimakariri district, buoyed by migration out of Christchurch after the earthquakes, are now selling for more than 21% above their 2008 CV.
Properties in the former Auckland City are just behind, selling at 18.5% more than their 2011 CV.
But within that, there are more differences. Properties in Avondale are now on average selling for 29.1% more than their 2011 CV, making it the best performing Auckland suburb.
But at the other end of the spectrum, properties in Otorohanga are selling for 12.6% less than their 2010 CVs, on average.
Ruapehu is close behind, 11.3% down on their 2011 CVs. Castlecliff, in Wanganui, is the most poorly performing suburb compared to CVs, with properties selling, on average, for 11.2% less than their September 2010 valuations.