Region’s house value growth flying high
Property values in Nelson and Tasman have continued to grow above the national average in the past year.
The latest monthly QV House Price Index shows nationwide residential property values for March increased 7.3 per cent over the past year and 1.2 per cent over the past three months.
The nationwide average value is now $677,618, with the average Auckland house now worth $1,055,992.
Nelson residential property values rose 8.4 per cent in the year to March and 2.0 per cent over the first quarter of 2018. Values in the Tasman District were up 9.7 per cent year on year and 1.2 per cent over the past three months.
The average value in Nelson city is now $566,052 and $562,614 in the Tasman district.
QV Nelson Property Consultant Craig Russell said there had been a strong demand across the region, particularly for entry-level homes with multiple-offer situations still commonplace.
Properties in The Wood remained popular with retirees, due to its handy location close to the city centre and amenities. Nelson South and Washington Valley were also popular areas for first home buyers and investors given their central location and being generally comprised of entry level housing which provided better yields.
‘‘Demand for executive type new or near new housing in the $750,000 to $900,000 price bracket has slowed slightly over the past few months,’’ Russell said.
QV national spokeswoman Andrea Rush said residential property value growth remained subdued compared to recent years, although March had seen the usual seasonal pick-up in sales.
The highest quarterly growth was seen on the East Coast settlement of Opotiki, where values rose 16.1 per cent in the first quarter of the year.
‘‘It’s the regions that continue to see the highest value growth driven by demand from people looking for more affordable homes or investment properties outside of the main centres,’’ Rush said.
The rise of the regions was echoed by latest statistics released by realestate.co.nz, New Zealand’s largest property listing site.
Gisborne, Northland, Marlborough, Coromandel and Hawke’s Bay were named as the top five ‘‘hot regions’’. All recorded more than a 3.5 per cent increase in asking prices compared to the previous month.
Listed as Nelson Bays, the region recorded the seventh-highest percentage lift in asking prices of 2.9 per cent to $607,182.
It also recorded a 9.5 per cent jump to 276 new listings and leads the country in the growth of housing stock over the last 12 months, recording a 13.4 per cent rise in the number of available dwellings for sale with 450.