Dunedin house prices jump 19.6%

Dunedin's home values have climbed to a record average of $725,853.

Latest figures released today from QV show residential values in the city jumped 19.6% in the 12 months to December last year.

The city’s largest capital gains were on the coast and Otago Peninsula, where values increased nearly 25%.

Last year was a "bumper year" for house-price growth in Dunedin, especially during the first half, QV area manager Tim Gibson said.

"New regulations, rising interest rates and tightening lending restrictions have taken some of the heat out of it now, and yet values have continued to rise every month,” he said.

He expected growth rates to "taper off" throughout the year.

In Queenstown, home values increased 27.2% in the 12 months to December.

But with more properties starting to come on to the market, the market had begun to turn in the favour of buyers, QV Queenstown property consultant Greg Simpson said.

"Those sellers who had been holding their properties off the market as long as possible to get the highest price are now stepping forward, concerned that they may have missed the peak.”

House values rose 22% in Invercargill last year, where the average value is now $486,715.

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