House values in Gore have experienced a significant increase over the past year, as the agriculture sector continues to build in confidence.
In Gore, average values increased 8.8% over the past three months to $447,856, which is 11.3% higher than they were in June last year.
According to the latest QV House Price Index, that was compared with values across the whole province, which dipped 1% over the past quarter to $530,125, though they were 0.5% higher year-on-year.
QV Invercargill registered valuer Andrew Ronald said listings remained tight, helping to support values alongside stable demand.
"The strength of the dairy and wider primary sector continues to underpin confidence in the Southland property market, with Gore’s strong value rises reflecting this regional resilience."
Invercargill values rose 1.6% over the past three months to an average value of $506,567 which is 4.3% higher year-on-year and 5.3% higher than the nationwide peak of late 2021.
Mr Ronald said Invercargill’s property market remained active, with steady interest from first-home buyers and investors seeking well-priced homes.
"Buyer caution is evident at the upper end of the market, with limited activity above $1 million," he said.
The index showed values in the Queenstown Lakes District rising again, up 1.9% in the June quarter, bucking the downward trend seen in the May quarter.
Values were 1.3% higher year-on-year. The average value was now $1,852,904 which was 16.4% higher than the nationwide peak of late 2021.
QV Queenstown registered valuer Greg Simpson said buyer interest in Queenstown remained steady, supported by winter tourism and easing interest rates.
"Rising stock levels are giving buyers more choice while helping to keep values in check.
"Despite economic uncertainty, the market remains resilient and a positive trend in the market can be seen with values ticking up over the past three months," he said.
Central Otago values rose slightly (0.6%) in the June quarter; while Clutha and Waitaki values dropped (1.6%) and (0.7%) respectively. — APL
