Average house value nudging $600K

The average house value in Tauranga is now $571,872 following a 5.5 per cent increase in the past three month.

Home values in the region have now increased 22.6 per cent year on year.


It seems there is no let-up in the housing market, with values continuing to increase. File photo.

Western Bay of Plenty home values also continued to see strong increases up 7.1 per cent since the beginning of January and 18.7 per cent year on year.

The average value in the district is now $497,748.

'The Tauranga Market shows no signs of letting up with a large number of out of town buyers,” says QV homevalue Tauranga Registered Valuer David Hume.

'Agents are reporting that in many instances sale prices are continuing to exceed both their and vendors expectations.”

David says there is a lot of activity in Omokoroa at present with a new twelve-lot subdivision at Kayelene Place recently selling out in two weeks at an average sales price of $295,000 for sections ranging from 750 – 900 square metres.

According to the latest monthly QV House Price Index, nationwide residential property values for March have increased 11.4 per cent over the past year.

Values rose slightly by 0.2 per cent over the past three months and are now 35 per cent above the previous market peak of late 2007.

When adjusted for inflation the nationwide annual increase drops slightly to 11.3 per cent and values are now 15.4 per cent above the 2007 peak. The average value nationwide is now $559,492.

The Auckland market has increased 16.9 per cent year on year, but has decreased by 0.2 per cent over the past three months.

Values there are now 70.4 per cent higher than the previous peak of 2007. When adjusted for inflation values are 16.8 per cent over the past year and are 45.5 per cent above the 2007 peak.

The average value in the Auckland region is now $931,061.

'Home values have risen in most parts of New Zealand in the first quarter of 2016 with the exception of the Auckland region where values have been on a slight downward trend over the past three months,” says QV National Spokesperson Andrea Rush.

'However, over the past few weeks activity and demand has begun to pick up again across the Super City and values have actually risen again over the past month by 0.6 per cent, so it appears the downward trend may be coming to an end.

'The strong upward trend in the Hamilton and Wellington housing markets is continuing unabated. While in comparison the Christchurch market remains relatively flat, rising only slightly. The Dunedin values continued to rise at a steady pace.”

The latest CoreLogic buyer classification data shows 44 per cent of sales in Auckland were to multiple property owners, 21 per cent were to first home buyers and 24 per cent were to those moving from one home to another.

Around the rest of the country multiple property owners accounted for 37 per cent of sales; while 20 per cent of sales were to first home buyers and 26 per cent were to movers.

'While CoreLogic statistics also show listings levels remain low in many parts of the country with the exception of Taranaki and Canterbury.”

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11 comments

Overit

Posted on 06-04-2016 16:29 | By overit

Bloody ridiculous. TCC will be rubbing their hands in joy.


THIS IS AWESOME

Posted on 06-04-2016 19:32 | By The author of this comment has been removed.

Gosh my hollow log has gone up $5.00 10-4 out


Old trucker

Posted on 07-04-2016 09:46 | By Kenworthlogger

You should get a sleeper cab lol.


A Dig At

Posted on 07-04-2016 10:22 | By Towball

All of you people who slammed my comments previously about INVESTOR MONOPOLY which has been clearly translated in this current article where the GREEDY INVESTORS are purchasing upto twice as many properties as first home buyers. Simple reason being TAX EVASION!. Time the MAJORITY were ACKNOWLEGED !. Those being hard working GENUINE TAX PAYERS who DONT FRAUDULENTLY go through life SWINDLING OTHERS OUT THEIR BASIC RIGHTS.


SUNLIVE

Posted on 07-04-2016 11:47 | By Colleen Spiro

Make non de plumes a NO NO....COME OUT OF THE CLOSET PEOPLE.


Towball

Posted on 07-04-2016 13:28 | By Kenworthlogger

Its about time you educated yourself about NZ tax law. There is no tax evasion or fraud involved. That is mearly your opinion. Not fact. Get it right mate.


sunlive

Posted on 07-04-2016 13:53 | By Colleen Spiro

never post my posts, because I am the only one using their own name....Hope this one gets through.


@ Colleen

Posted on 07-04-2016 19:00 | By Annalist

Firstly it isn't important who you are, it is important what you say and the reasoning behind it. Naturally people should not make libellous statements and attack others, but there is nothing wrong with a good argument. I also look for consistency in logic. So provided people don't libel others, then their comments usually appear. Did you ever use a nom de plume??


kenworth logger

Posted on 07-04-2016 19:23 | By The author of this comment has been removed.

may be we will cross the centre line one day, ive spent 2years in a sleeper cab, but if i win lotto saturday im going to get a bigger log with a sack over each end, 10 -4 good buddy out, Sunlive is NO1 in the Bay.


It is all relative

Posted on 09-04-2016 14:44 | By Cydifor

To have my house value go up so much does me no good at all. The council will be able to charge me more in rates and if I want to purchase another home then it will also be very expensive to buy. Not many of us have enough of the folding stuff to be able to sell in a high market and then be able to wait for prices to drop to re-purchase in a lower market - if it even happens!


GOSH

Posted on 12-04-2016 14:28 | By The author of this comment has been removed.

THE PRICE of my HOLLOW LOG has just gone up,i will be able to buy a blanket for NIGHTMARE soon and get SKY put in, me 92 year old neighbour will be able to stay over longer soon as i get a meal note from WINZ,winz do not like NIGHTMARE tied up out side when i go in, and they say you cannot get a food voucher cause you own a 200 acre block and grow all that laughing gas plants out there, MIGHTMARE is getting sore joints and might need knee replacments soon, so will have to walk slower with her till this happens, PIGS FLY TOO, wander what the rates are on me log,anyway me neighbuor is waiting now for a quiet one, so will hobble home with nightmare,me log is DRY now with this bit of sun,Sunlive Thankyou NO1 in the Bay.10-4 out.


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