With property values across New Zealand still growing in excess of 14% annually, the predicted slowdown in the property market is not yet being seen, QV says.
“There are still more areas throughout the country where property values are growing at increasing rates versus those that are slowing. In addition, some of the main centres, including Hamilton (24.8%) and Dunedin (21.4%), are still showing strong growth, which indicates the market is remaining buoyant,” says QV’s Blue Hancock.
The growth in residential property values in a number of provincial areas also reflects the level of buoyancy in the market, including New Plymouth (35.4%), Gisborne (28.9%), Whangarei (25.2%), and Rotorua (20.5%).
“These areas represent affordable options for first-home buyers and investors, which is contributing to the strong growth in these areas,” Mr Hancock said.
Auckland City residential properties grew 5.4% over the 12 months to July, outdone by their neighbours Papakura (12.7%), North Shore (11.3%), Waitakere (11.3%) and Manukau (10.7%), again reflecting buyer demand for increased affordability over a central city location.
The Queenstown market appears to be on the increase again with values up 11.3% compared to 1.5% in January, while Tasman has reversed its declines and is back showing marginal growth of 2.7%.
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