Tararua experiences highest house price growth in NZ

Latest QV figures to July 2018 show Tararua has experienced the highest average house price growth in NZ rising by an impressive 18.6%.

The average house price in the district is now $205,922 a significant increase on last yearos average price of $173,629.

While this increase is good news for property owners, real estate agents throughout the district report a noticeable rise in sales and a shortage of houses to list, another positive sign the market is changing.

For Homes, real estate agent Sharon Cuttance, says there has been a noticeable rise in the market with properties selling quickly.

pAt the moment demand outstrips supply. We have a lot of people from out of the district, some even from Auckland and further afield, who have bought and moved here or are looking at moving here.q

Ms Cuttance says what is especially pleasing to see is the increase in first home buyers, young people who are using their kiwi saver to get a pfoot in the doorq and buy their own home.

pItos an encouraging sign; it means they are choosing to stay in the district. However, I do feel sorry for them as we are getting a lot of multiple offers on properties and that can make it harder for them,q says Ms Cuttance.

Kerry Sutherland, sales manager at Property Brokers, Dannevirke, says while there are still some listings in Dannevirke he has never seen so few listings for properties in Woodville.

He too has noticed an increase in younger people who are now looking to buy; something he says is very encouraging.

pItos incredible whatos been happening, properties are selling faster, and weore getting a lot of multiple offers on them. Weore also getting more people from out of town, from the cities moving here, which is good to see.q

Both agents say with property values increasing, there is a corresponding and noticeable increase in people doing improvements to their properties.

Mr Sutherland says when property values increase; banks are more open to lending for work such as home improvements.

pWith extra equity in their homes, people can do work on their properties and know that the value is in their home and they wonot lose it.q

Mr Sutherland says he is looking forward to this yearos Auckland Home Show; an event that he says is a great opportunity to give the district more exposure.