Residential home values around Otago continue to climb in
most areas, but still lag behind Auckland and Christchurch's
respective gains of 9.2% and 5.9% during the past year.
Nationally, home values are now 1.1% above the previous
market peak in the final quarter of 2007, but none of the
areas within Otago have surpassed that 2007 peak, Quotable
Value (QV) research director Jonno Ingerson said yesterday.
"Although the nationwide increase in values is largely being
driven by Auckland and Canterbury, there are some signs that
other main centres and provincial cities are increasing in
value also," he said.
Compared to 12 months ago, the Waitaki, Central Otago,
Queenstown Lakes, Dunedin and the Taieri booked value gains
of 3.6%-5.8%, with only Clutha down, at -1.4%.
Queenstown Lakes was up 3.6% on a year ago, valued at
$622,580, but down 12.9% on the 2007 peak, and trailing about
seven Auckland sub-areas, which Auckland city east topped at
Mr Ingerson said while a lack of listings was constraining
the market, especially in most main centres, low interest
rates were keeping property investors and first-home buyers
active in the market, he said.
The QV data is based on mean, average values of all
properties, not median sale prices.