New high for South Waikato properties
The South Waikato’s 2007 residential property value peak has now been exceeded with no signs of things slowing down anytime soon.
The latest figures from Quotable Value Limited (QV) puts the average current value of residential properties in the South Waikato at $163, 856 which is now 0.4 per cent over the 2007 peak.
During the last 12 months that’s a rise of 21.8 per cent and 7.4 per cent in the last three.
But the South Waikato is not alone when it comes to rapidly rising house prices.
In the North Island all areas measured saw values increase over the last year and many regional centres continue to show strong rises with several noticing higher percentage growth than Auckland which has increased by 15.9 per cent.
The majority of the South Waikato’s surrounding districts continue to experience significant increases.
The average price in Taupo now sits at $404, 497 which is an increase of 14.3 per cent in the last 12 months, 4.7 per cent in the last three, and 1 per cent over the 2007 peak.
Rotorua now sits at $347, 966 which is an increase of 27.1 per cent in the last 12 months, 9.3 per cent in the last three, and 18.5 per cent over the 2007 peak.
Otorohanga now sits at $263, 633 which is an increase of 35.5 per cent in the last 12 months, 15.5 in the last three, and only 4.4 per cent off the 2007 peak.
The Waitomo District was one of only two in the North Island to notice a decrease in the last three months. A 5.6 per cent drop now places values there at $156, 971 which is 26.1 per cent off the 2007 peak.
All values pale in comparison to Auckland however which has now ticked over the one million dollar mark to sit at $1,013,632.
Values there are now a massive 85.5 per cent higher than the previous peak of 2007 which is a rise of 6.1 per cent in the last three months.
When adjusted for inflation Auckland values have risen by 15.4 per cent in the last 12 months and are 57.5 per cent above the 2007 peak.
Nationwide residential property values have increased by 14.6 per cent over the last year and the average value is now $612, 527 which is an increase of 6 per cent over the last three months. They are now 47.8 per cent above the 2007 peak.
When adjusted for inflation the nationwide annual increase drops to 14.2 per cent and values are now 25.6 per cent above the 2007 peak.