Regional house prices hold firm

Nelson house prices are holding steady despite a slow-down in house values across most urban areas nationally, according to Quotable Value’s latest report.

Tasman house prices are still growing, but at a slower rate than the previous quarter the report shows.

Nelson’s average house value rose by 2.5 per cent, compared to 0.8 per cent growth in the three months to June.

The average value of a house in Nelson is now $545,565, a rise of 14.4 per cent over the year.

In Tasman, the average property value is $539,866, up 0.9 per cent over the three months to September, compared to an increase of 2.3 percent in the previous quarter, and a 13.6 per cent rise over the last year.

Property Consultant Craig Russell from QV Nelson said demand for houses in Nelson remained firm.

‘‘The start of Spring has seen the typical increase in properties listed for sale, although only a modest increase. Purchasers may be cautious over the coming weeks until the election result becomes clearer,’’ Russell said.

‘‘Value levels in Richmond are strong with properties situated close to Richmond Mall and Saxton Fields having strong underlying land values.

‘‘Entry level lifestyle blocks up to $700,000 are in strong demand particularly those locations close to service townships.’’

House values in New Zealand’s regions continued to outperform the main centres, but the report showed a slow-down in growth becoming widespread. ‘‘The reductions in quarterly value growth have extended from just the main centres last month to almost all the 15 major urban areas, QV spokesman David Nagel said.

Nelson’s average property value ranked sixth out of the 15 urban areas listed, after Queenstown, Auckland, Tauranga, Wellington and Hamilton. Nationwide property values rose by 1.1. per cent and 4.3 per cent over the past year, with the nationwide average value now at $646,378.