Growth in average house values continues in South

In the wider Taieri area, average house values grew 13.6% on May last year; pictured, Mosgiel township last year. Photo: Stephen Jaquiery
In the wider Taieri area, average house values grew 13.6% on May last year; pictured, Mosgiel township last year. Photo: Stephen Jaquiery
Gains in national average house values are waning in the face of winter, but regional areas continue to go from strength to strength, some still hitting double-digit growth.

Around the south, gains in May of more than 10% have been booked in Dunedin and its environs, Taieri and Clutha, and also Southland overall, Quotable Value data for May shows.

QV senior consultant Paul McCorry said with colder weather arriving, there was an expected lull in the national property market as people put off selling until the spring and summer.

Major centres were seeing the market soften, as Auckland continued to record single-digit negative growth during the quarter and Wellington saw values plateau over the past three months.

''The rate of value growth has also started to slow in Dunedin following a succession of strong quarters,'' he said.

''At the same time, many regional centres are still very much in the upward stage of their growth cycle and continue to achieve strong yearly and quarterly value increases,'' Mr McCorry said in a statement.

While Dunedin residential property values continued to rise, it was at a slower rate than in recent months: up 11.5% during the year to May and gaining 1.6% for the past three months, the average value now at $456,183.

Elsewhere around the South Island, the Mackenzie district led the way in quarterly growth, up 8.5%, followed by Clutha at 4.9% and Invercargill, which was up 4.9%. In annual growth terms, Invercargill gained 13.5%, followed by Southland at 12.6% and Clutha was up 10.8%.

simon.hartley@odt.co.nz

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