Housing values buck NZ trend
First-home buyers have helped stoke the housing market in Nelson as property values continue to dip nationwide.
The average value of a residential Nelson property rose 0.8 per cent to $587,6960 in the three months ending September, according to the latest figures by Quotable Value – a rise of 7.7 per cent over the past year.
Property values in Tasman district continued to rise, up 1.1 per cent over the quarter and 8.2 per cent year-on-year, with the average value at $583,877.
Nationwide, values fell 0.6 per cent in the last quarter to an average of $676,427, a 4.6 per cent rise in the year to September.
Activity grew in Nelson’s housing market during September after ‘‘a relatively subdued winter period’’, said QV Nelson property consultant Craig Russell.
‘‘First-home buyers have been taking advantage of the Kiwisaver savings withdrawal scheme and HomeStart grant, which has helped fuel growth, particularly in the low to mid-value range.’’
Suburbs like Tahunanui had been popular with first-home buyers, families and retirees, while properties priced from $550,000 to $750,000 in and around the city centre had been popular with ‘‘young professionals and empty nesters’’.
‘‘New properties in Richmond/ Stoke in excess of $800,000 have been sitting on the market for an extended period, with a number of homes for sale in this price bracket.
‘‘Affordability constraints have meant that there is a diminished market in this value range.’’
A slowdown in the rate of value growth for the main centres was continuing to have a ‘‘trickledown’’ effect on regional centres, QV general manager David Nagel said.
‘‘While listings have increased significantly across most areas . . . supply has been constrained, which – on top of stable interest rates – is keeping values at their current levels.’’
Regions that offered more affordable properties or ‘‘exceptional lifestyle opportunities’’, however, continued to experience strong value growth, Nagel said.
He forecast an increase in listings and sales heading into summer. ‘‘With the current low interest rates set to remain until well into 2020, it’s hard to see any dramatic changes to values outside of the usual seasonal fluctuations.’’ Four coffee drinkers got a side order of action with their morning brews when Zumo’s coffee roaster burst into flames.
Graham Peat was enjoying a cup of coffee at the Rutherford St cafe in Nelson around 8.30am when smoke began pouring out of the cafe’s industrial roasting machine.
He and three other customers and the staff watched as Zumo owner Allen Chambers leapt into action.
‘‘He quickly got the CO2 extinguisher and fired it through the tray of the roaster. That looked quite spectacular, we all thought as we were drinking our coffee.’’
The cafe quickly filled with smoke, so Peat and another customer opened the doors to get a draught going.
‘‘There was a massive amount of smoke. Then one of the customers said, ‘oh, it’s caught on fire!’ There were flames at the base of the roaster.’’
Customers exited the store. ‘‘But no-one panicked,’’ Peat said.
A fire engine arrived, extending a ladder to the cafe’s roof to dowse the flames through the chimney.
Senior station officer Craig Davies said while there was a lot of smoke coming out of the chimney, the fire was quickly under control. ‘‘It’s pretty safe, it’s all controlled in the roaster. Hopefully, they’ll be serving coffees again shortly,’’ he said at the scene yesterday.
Owner Allen Chambers said the fire was due to a buildup of residue inside the roaster.