The average price of Auckland property has increased 45 per cent over the last three years, new figures released today show.
Auckland Council today released it's three-yearly property valuations.
Residential property has increased by 46 per cent, and an increase of 45 per cent across all property sectors, encompassing commercial, industrial, lifestyle and residential, was registered.
The local board areas that had the highest price spike, all above 45 per cent, were: Waiheke, Ōtara-Papetoetoe, Papakura, Māngere-Ōtāhuhu, Manurewa, Henderson-Massey, Maungakiekie-Tāmaki, Franklin, Howick, Rodney and Upper Harbour.
All other local boards in Auckland still saw a price escalation though, between 11 and 44 per cent.
As of October 2017, QV valued the average house price in the Auckland area at $1,038,722.
Auckland Council chief economist David Norman says that the rise in residential property is indicative of three factors.
"First, Auckland's strong population growth over the last three years has not been matched by increases in the number of new houses being built, and this has pushed prices up," Mr Norman says.
"Second, record low interest rates have allowed people to bid up prices to secure somewhere to live because housing has been in short supply.
"And third, the Unitary Plan has added a lot of value to properties that can now carry higher intensity residential development than before."
Auckland Council says the largest movements in the outer suburbs appear to be a product of higher demand in areas where property is cheaper.
All councils in New Zealand are legally required to revalue every property in their region every three years.
In Auckland in 2017, more than 549,000 properties have been revalued.
This includes every piece of land except roads and waterways.
Outside of residential property, Commercial and industrial properties received a rise of 43 per cent and 47 per cent respectively.
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