Tauranga house values are still on the rise.
The latest Quotable Value figures out today shows a 1. 6 per cent increase over the past three months.
Year on year Tauranga home values rose almost four per cent.
The average value in the city is $720,645.
There’s strong growth in the Western Bay of Plenty market.
It’s up 3.8 percent over the past three months and year on year it’s risen almost five percent.
While in Hamilton growth has slowed down.
Home values dropped 0.2 per cent over the past three months, but in the year to December values increased five per cent.
The nationwide average value is now $682,938.
Auckland is still leading the charge, the average value there is now $1,212,664.
Values across the whole Wellington Region rose 7.8 per cent in the year to December.
The average value there is now $688,074.
QV is expecting market activity to bounce back in the coming weeks, as the peak holiday period ends and the loosening of the Loan to Value Ratio restrictions enable new buyers to enter the market.
QV General Manager, David Nagel says the busy Christmas period can mean that people put off buying or selling until the quieter New Year period.
“As a result, we often don’t see any dramatic changes in market activity or value growth – which appears to have been the case early this year,” says David.
“The loosening of the LVR restrictions (came into effect from 1 January 2019) should enable some new first home buyers and investors to enter the market in the coming months.
“I don’t anticipate this impact to be overly significant, but it may help drive a busy property market in the early stages of 2019.”
“I am particularly interested in the rental market where we’re seeing a lot of competition particularly in the Wellington market.
“With the Healthy Homes Bill due take to effect later this year, I’ll be closely monitoring the impact this will have on the supply and costs of rental accommodation.
“Another point of interest is the continued growth on many smaller regional towns, particularly in the central and upper North Island.
“Kawerau, Carterton, South Waikato and Ruapehu in particular continue to see strong quarterly growth figures on top of solid annual growth."
Hamilton City home values decreased by 0.2 per cent over the past three months and values increased 5.0 per cent in the year to December. The average value in Hamilton is now $570,886.
Tauranga home values rose 3.9 per cent year on year and by 1.6 per cent over the past three months. The average value in the city is $720,645.
The Western Bay of Plenty market rose 4.9 per cent year on year and 3.8 per cent over the past three months. The average value in the district is now $654,083.