Property values change
The South Waikato has lost its status as the region with New Zealand’s fastest rising house prices.
The latest figures from Quotable Value Limited released on Wednesday sees the South Waikato drop to fourth place behind Mackenzie, which ranked number one, the South Wairarapa, which ranked second, and Kawerau, which came in third.
But that doesn’t mean there is a slowing down of house prices in the region.
The average current value for residential properties in the South Waikato now sits at $209,480 which is a rise of 24.4 per cent in the last 12 months and 1.4 per cent in the last three. The average value is now 28.4 per cent over the 2007 market peak.
The star of the bunch Mackenzie now has an average current value of $486,669 which is a massive rise of 28.3 per cent in the last 12 months and 5.7 per cent in the last three. The value is now 69.9 per cent over the 2007 market peak.
The South Wairarapa is also performing well with its average current value of $436,400 now 29 per cent over the 2007 market peak. The value has risen a fraction below that of Mackenzie with 28 per cent in the last 12 months and by 5.8 per cent in the last three.
While the average current value in Kawerau continues rise it also continues to be low at just $190,312. The value is now 19.5 per cent above the 2007 market peak having risen by 26.3 per cent in the last 12 months and by 4.7 per cent in the last three.
It will come as no surprise that on average Auckland continues to have New Zealand’s most expensive homes. The average value for the Auckland Region is now $1,039,066.
Nationwide residential property values have increased by 4.3 per cent in the last 12 months but have only risen by 1.1 per cent during the last three months.
Nationwide the average value is now $646,378 which is 56 per cent above the 2007 market peak. When adjusted for inflation the nationwide annual increase drops slightly to 2.5 per cent and values are now 30.2 per cent above the 2007 peak.