Property values rapidly rising
If you are looking to invest in the property market the South Waikato looks to be a sensible choice.
The district has seen the second biggest increase in house prices over the last 12 months for the whole of New Zealand.
Statistics from Quotable Value Limited (QV) released today show the average current value for residential properties now sits at $184, 672 which is an increase of 32.4 per cent over the last 12 months and 9.6 per cent in the last three.
The latest statistics now places South Waikato residential properties at 13.2 per cent over the 2007 market peak.
The only district to beat the South Waikato over the last 12 months was Kawerau which saw residential property values rise by a massive 60.2 per cent to sit at $176, 324. That’s an increase of 17 per cent in the last three months which places values at 10.7 per cent over the 2007 market peak.
Rotorua property prices also continue to see a steady increase and have risen by 27.1 per cent in the last 12 months and 5.9 per cent in the last three to sit at $375,187. The average current value in Rotorua is now 27.8 per cent over the 2007 market peak.
In nearby Taupo, while values have risen, they seem to have slowed down.
The average current value now sits at $413, 011 which is an increase of 14 per cent in the last 12 months but only 1 per cent in the last three. The value is now 3.1 per cent over the 2007 market peak.
While still lagging behind the 2007 market peak by 13.8 per cent, residential property values in the Ruapehu District are slowly increasing. The average current value now sits at $155,436 which is an increase of 16.5 per cent in the last 12 months and 5.9 per cent in the last three.
The Auckland market has increased by 12.2 per cent over the last 12 months which is the slowest rate since January 2015. Home values are now 91.6 per cent higher than the 2007 peak and the average value is now $1,047,179.
Nationwide residential property values have increased by 12.5 per cent over the last 12 months and by 1.3 per cent over the last three months which places them at 51.5 per cent over the 2007 market peak.
When adjusted for inflation the nationwide annual increase drops slightly to 12.2 per cent and values are now 28.5 per cent over the 2007 peak. The average value nationwide is $627,905. The South Waikato District Council is in the process of introducing new safety measures at both the Tokoroa Landfill and Putaruru Transfer Station.
‘‘Users of these facilities will notice additional rails across the tipping face in Tokoroa and the provision of concrete walls in Putaruru,’’ the council’s services manager Andrew Pascoe said.
Pascoe explained that the rails in Tokoroa were being introduced as a measure to reduce the risk of users falling down the bank into the tip itself.
‘‘The lower rail is at waist level with a higher rail in place for those users working off their trailer,’’ he said.
The concrete walls in Putaruru were in place to avoid users having to throw rubbish directly into the open top bins. Rubbish is to be placed against the walls and the contractor will transfer this material into the bins using an excavator after a reasonable quantity of material has accumulated and no users are present.
The risk of falling into rubbish can result - and has resulted - in serious injury at rubbish disposal facilities throughout the country. These safety measures are being put in place to make these sites safer for users by reducing the risks and limiting the possibility of injury.
The council’s performance measures show that at least 85 per cent of residents rate landfill sites as average, good or very good. The sites are managed by private operators in accordance with the council’s Landfill Management Plans.
Residential property prices rise significantly in the South Waikato.