Press Release – Quotable Value New Zealand
The latest monthly property value index shows that nationwide residential values continued to climb in October. Values are up 1.9% over the past three months and 5.7% over the past year. Values in the wider Auckland area have risen 3.3% over the past three months and 9.2% over the past year.
Old Auckland City continues to have the steepest increase over the past 12 months, up 10.7%, with North Shore and Manukau close behind, up 8.9% and 8.1% respectively.
Values in the wider Auckland area are now 9.1% above the previous market peak in 2007, led by old Auckland City which is 12.5% above that mark.
QV Operations Manager Kerry Stewart said “There is growing demand for more listings throughout Auckland. Good properties are still attracting numerous interested buyers, with auctions especially proving successful for many, with multiple bidders not uncommon.”
“Investors are also coming back into the market, most looking to on sell relatively quickly as they try to capitalise on the quick growth in the current market” said Kerry Stewart.
Hamilton and Tauranga
Values in Hamilton are generally still rising with a 3.1% increase on last year and 0.5% increase over the past three months.
QV Valuer Nicky Harris said “Hamilton is still trending positively with multiple offers and auctions prominent at the moment. Lately we have seen more out of town buyers as well as the lower valued $300,000 – $350,000 properties proving popular amongst first home buyers.”
“North eastern areas are seeing more new developments with a demand for vacant sections. This is pushing prices up and we are seeing a lot of listings as a result” said Nicky Harris.
Property values in Tauranga have been up and down over the past six months, but the most recent months have seen a slight increase to leave values 2.2% up on last year.