Home values continue on the up in Tauranga

Home values in Tauranga City continue to rise, up 3.6 per cent over the past three months and 21.5 per cent year on year.

The average value in the city is now $577,494. Western Bay of Plenty home values also continued to see accelerate up 7.3 per cent over the past three months alone and 21.2 per cent year on year. The average value in the district is now $509,848

QV homevalue Tauranga Registered Valuer David Hume said "The market remains very buoyant in the Bay of Plenty, with auction still being the preferred selling method for most vendors as the market is moving so quickly it's hard to put an asking price on homes."

"Auckland buyers including movers and investors continue to be a strong driving force in the market.

''One recent sale of an investment property selling in Parkvale involved a 10-way multi offer scenario, with nine out of the 10 buyers from Auckland."

"The Western Bay of Plenty is also continuing to show strong growth with significant value increases for both existing homes and bare sections. An example of this is 850 square metre residential sections in Paengaroa, which were selling for $80,000 last year, are now selling for $170,000.

"Given that demand for property remains strong and indications are that the historically low interest rates will be in place for some time, it's unlikely that the boom in the property market in Tauranga will ease any time soon."

The full set of QV House Price Index statistics for all New Zealand for April can be downloaded by clicking this link: QV House Price Index (HPI) for April 2016