Tauranga housing market stalls
Tauranga home values have increased 6.6 per cent year on year but decreased 0.1 per cent over the past three months, according to the latest QV report.
Values here are now 42.6 per cent higher than the previous peak of 2007.
The average value in the city is $686,759.
The Western Bay of Plenty market increased 6.9 per cent year on year and 0.4 per cent over the past three months. The market is now 36.5 per cent higher than the previous peak of 2007.
The average value in the district is now $614,822.
QV Tauranga Spokesperson Melanie Lewis says the Tauranga and Western Bay of Plenty markets continue to perform at a steadier pace than previous months.
“High-end desirable family locations such as Mount Maunganui and Bethlehem continue to be popular both with new people moving into the area and locals upsizing.
“Demand from investors appears to have dropped off, while rent prices have stabilised.
“As the warmer spring weather struggles to get off to a strong start, coupled with the inconclusive results to the election, people are taking a ‘wait and see’ approach to both selling and buying.”
Nationwide, residential property values for September increased 4.3 per cent over the past year.
Values rose by 1.1 per cent over the past three months and the nationwide average value is now $646,378 which is 56 per cent above the previous market peak of late 2007.
When adjusted for inflation the nationwide annual increase drops slightly to 2.5 per cent and values are now 30.2 per cent above the 2007 peak.
Residential property values across the Auckland Region increased 0.8 per cent year on year. Values dropped by 0.6 per cent over the past three months.
The average value for the Auckland Region is now $1,039,066 and values are now on average 90.1 per cent higher than the previous peak of 2007.
When adjusted for inflation values dropped 1.0 per cent over the past year and are 58.7 per cent above the 2007 peak.