House prices rose 6.5 per cent nationwide over the past year, but Auckland's prices went up only one per cent as the regions set the pace.
The latest monthly QV House Price Index shows nationwide residential property values for February increased 6.5 per cent over the past year and 1.2 per cent over the past three months.
The nationwide average value is now $672,645. When adjusted for inflation the nationwide annual increase was 4.9%.
Residential property value growth across the Auckland Region increased slightly by one per cent year-on-year, the slowest annual rate since August 2017.
Auckland values also ticked up slightly by 0.8 per cent over the past quarter.
The average value for the Auckland Region is now $1,053,948. When adjusted for inflation Auckland values dropped 0.6 per cent over the past year.
"Values continue to rise faster in Wellington, Dunedin and many regional centres than in Auckland," QV National Spokesperson Andrea Rush said.
Values across the whole Wellington Region rose 8.6 per cent in the year to February and 3.1 per cent over the past quarter and the average value is now $640,737.
Dunedin values increased 9.3 per cent in the year to February and 1.7 per cent over the past three months. The average value in the city is now $392,921.
The Hamilton and Tauranga markets picked up in February after a sluggish start to the year, while Hawke's Bay continues to see some of the strongest value growth in the North Island, Ms Rush said.
Hamilton City home values rose slightly by 0.8 per cent over the past three months signifying a recent pick up in the market, and increased 3.1 per cent in the year to February. The average value in Hamilton is now $548,417.
Tauranga values rose 4.9 per cent year-on-year and 2.8 per cent over the past three months. The average value in the city has now ticked over $700,000 and sits at at $706,825.
Napier values rose 16.5 per cent year-on-year and 3.1 per cent over the past three months. Central Hawke's Bay saw values jump 22.1 per cent year-on-year and 8.1 per cent over the past three months.
Christchurch is the only main centre to see values drop over the past year, while many regional areas of the South Island continue to see values rise including Nelson and Tasman, Central Otago and the MacKenzie District as well as Southland and Invercargill, Ms Rush said.
Christchurch city values were down slightly by 0.8 per cent year-on-year and up 0.1 per cent over the past three months. The average value is sitting at $494,563.
"Low interest rates and the easing in the LVR restrictions has seen many more first home buyers active in areas where they can still afford to enter the market, while some investors also appear to be becoming more active now they need a slightly lower deposit," Ms Rush said.
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