Another rise for house prices
13 February 2017
South Waikato house prices are only second to one when it comes to New Zealand’s biggest increase.
The latest figures from Quotable Value Limited (QV) show over the last 12 months houses prices in the South Waikato have risen by 32.9 per cent.
That’s New Zealand’s biggest increase besides Kawerau which has seen house prices rise by 57.5 per cent.
The average current value for residential properties in the South Waikato now sits at $188, 852 which is an increase of 8.2 per cent in the last three months. The value is now 15.7 per cent over the 2007 market peak.
Although they have risen at a faster rate, values in Kawerau are still below those of the South Waikato.
The average current value in Kawerau is $177,183 which is a rise of 1.8 per cent in the last three months pushing the value 9.4 per cent over the 2007 market peak.
In nearby Taupo the average value now sits at $418,130 which has risen by 13.6 in the last 12 months and by 1.2 in the last three to push the value 4.4 per cent over the 2007 peak.
Rotorua values also continue to rise now sitting at $379,865 which is a rise of 28.7 per cent in the last 12 months and 4.8 in the last three. The average value there is now 29.4 per cent over the 2007 peak.
The Auckland market has increased by 12.8 per cent year on year but quarterly growth has eased back to just 0.2 per cent over the past three months. The average value for the Auckland Region is $1,047,699.
Nationwide residential property values have increased by 13.5 per cent over the last 12 months and by 1.4 per cent over the last three. The average value nationwide is now $631,302 which is 52.4 per cent above the 2007 peak.
When adjusted for inflation the nationwide annual increase drops slightly to 12.0 per cent and values are now 28.8 per cent above the 2007 peak.
All areas in the North Island saw values rise in the year since January 2016, however values have decreased over the past three months in parts of Auckland, Hamilton, Western Bay of Plenty, Opotiki, Wairoa and South Taranaki.