Home values up

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 $871,648.

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.

simon.hartley@odt.co.nz

 

 

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