“Despite thoughts that the property market is about to enter a slowdown period, we are still seeing increasing levels of growth in property values across most areas of the country, with only Nelson (-1.3%) experiencing a decline in property values,” says QV’s Blue Hancock.
Residential property values in Hamilton City grew by 23.6%, the most of any main centres, followed closely by Dunedin (22.1%) and Christchurch (18.5%). Wellington residential properties grew in value by 8.9%, while Auckland City properties grew 5.7% on the back of strong growth of 8.8% in the eastern suburbs.
Further evidence of the current buoyancy in the market is reflected in the turnaround in Queenstown and Tasman property value growth. Queenstown residential properties grew 8.9%, a substantial improvement from figures reported earlier in the year which had property values in the area growing at less than 2% annually, while residential property in Tasman grew 2.4%, “encouraging given that earlier in the year property values in Tasman were declining by as much as 5%,” Hancock said.
“Although property values remain buoyant, all the indicators are pointing to a levelling out of growth in values rather than a continued increase on the current level of growth we are seeing in the market”, Hancock said.
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