QV says national residential value growth 14.2% in May
The national residential property market rose 14.2% in value for the June year, up from 13.5% in the year to May, says Quotable Value.
Tuesday, July 12th 2005, 6:07AM
by The Landlord
“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,” QV’s Blue Hancock said in a weekend release.The biggest gain in a main centre was in Hamilton City (23.6%), closely followed by Dunedin (22.1%) & Christchurch (18.5%). Wellington rose by 8.9%, while Auckland City grew 5.7% on the back of 8.8% growth in the eastern suburbs.
Mr Hancock said further evidence of the current buoyancy in the market was reflected in the turnaround in Queenstown & Tasman property value growth. Queenstown residential properties grew 8.9%, up substantially from figures reported earlier in the year which had property values there growing at less than 2%/year, 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%.
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