No let-up in residential property growth
August statistics released by QV indicate the residential property market is still on the rise, as residential property values grew by 14.7% for the 12 months, up from 14.3% annual growth to July.
Friday, September 16th 2005, 8:21AM
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, says QV spokesperson Blue Hancock.
“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 such as an availability of affordable housing and attractive returns for investors.”
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 the surrounding areas of Papakura (14.1%), Manukau (12%), Waitakere (11.9%) and North Shore (11.8%).
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