Our most expensive streets revealed

While the housing market slows across much of the country, people living on Nelson’s most expensive road have netted capital gains of nearly $160,000 over the last year, new data shows.

Victoria Rd in Stepneyville heads a list of the city’s priciest streets, with houses estimated to be worth $1.334 million there on average, according to the figures from Homes.co.nz.

That’s up from $1.176m the year before.

The Cliffs, Richardson St and Whitby Rd, all in Britannia Heights, made the top five, with the median estimated value there between $1.141 - $1.298m, a rise of more than $125,000 on the year before.

In Tasman, Aporo Rd remained the most expensive, with properties estimated to be worth an average of $1.395m compared to $1.292m the year before.

‘‘As a percentage over rateable value, it’s not that different to [the gains in] the rest of the market,’’ said Graeme Vining from estate agents Bayleys Nelson Region.

‘‘We’re running on average, in the higher suburb areas, about 139 per cent over rateable value.’’

Another report released earlier this week showed the average gain on houses sold across Nelson in the three months to June stood at $160,000, compared to $103,000 on the year before.

Only one of 200 properties sold in Nelson over the period went for less than the vendors bought it for, according to the data from property information services provider, Corelogic.

Three per cent of houses sold in Tasman made a loss, with losses falling over the past four or five years, Corelogic’s head of research Nick Goodall said.

House values across the region were being driven by low interest rates, strong migration and a lack of supply versus demand, he said.

‘‘First home buyers made up 21 per cent of sales in the second quarter,’’ Goodall said.

The average value of a property in Nelson is $545,565, compared to $539,866 in Tasman.

Those values rose by 2.5 per cent and 0.8 per cent respectively over the last quarter.