NZ market info

Property market still refuses to lie down
Statistics released today by QV indicate the residential property market is still on the rise, as residential property values grew by 14.7% for the 12 months to August, up from 14.3% annual growth to July.

With Nelson property values having increased by 1.3% annually (they were reported to be declining by as much as 4% earlier in the year), property values are now growing in every area of the country.

“The continued growth in property values is a reflection of a market that is remaining buoyant. There are still a number of provincial areas including Wanganui (42.9%) and New Plymouth (35.5%) where values are growing at increasing rates, driven by factors like an availability of affordable housing and attractive returns for investors”, says QV spokesperson Blue Hancock.

Most main urban areas are also doing well, with residential properties in Hamilton increasing in value by 25.4% annually, a substantial increase from 15.9% growth reported in January. Dunedin recorded 21.2% growth, while residential properties in both Christchurch (19.5%) and Wellington (10.5%) grew at their highest recorded levels since QV began reporting the new monthly statistics in January.

The trends in the Auckland market are consistent with those reported last month, as residential properties in Auckland City grew in value by 4.4%, outdone by surrounding areas Papakura (14.1%), Manukau (12%), Waitakere (11.9%) and North Shore (11.8%).