Prices rise 14 per cent over 2016
Taupo District house values have increased by 14 per cent in 12 months, according to data from a valuation company.
Valuation company QV reports that average house values in Taupo have increased from $362,290 in December 2015 to $413,011 in December 2016.
Nationwide, the average house price has increased by 12.5 per cent in the last 12 months to $672,905. The Auckland region saw an increase 12.4 per cent average value, to $1,047,179.
QV’s house price data is based on CoreLogic sales data.
Alex Keys from Keys Valuers Taupo Limited said his December market update that the Taupo market appeared strong.
‘‘While we have come off the highs of over 100 house sales per month, the current volume of 70 to 80 still provides a strong market particularly given the low number of listings keeping competition from buyers high.’’
‘‘However, we are seeing some changes within the market coming through, the number of listings is increasing, this combined with a ‘levelling off’ of sales may provide some ‘balance’ to the market in the coming months,’’ Keys said.
‘‘Nobody can say with any certainty if we have reached the peak or are close to it, you really only know where the peak of a market is after you have been passed it, until then it’s an educated guess at best.
‘‘What we do know is that while market fundamentals are strong, i.e. interest rates are at record lows, net migration is at historic highs, supply is still very low and with strong demand from buyers, prices are more likely to remain under upward pressure.’’
Increase in average house values from Dec 2015 to Dec 2016, as reported in the QV’s House Price Index: ❚ Taupo: increased by 14% to $413,011 ❚ Rotorua: increased by 27.1% to $375,187 ❚ South Waikato: increased by 32.4% to $184,672 ❚ Ruapehu District: increased by 6.5% to $155,436 ❚ Napier: increased by 20.7% to $415,189 ❚ Hamilton: increased by 20.4% to $534,860 ❚ Christchurch: increased by 2.5% to $494,247