Tauranga average home value scrapes at $600k

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Tauranga home values are on the up again as the property market continues to boom. Photo/file
Tauranga home values are on the up again as the property market continues to boom. Photo/file

Home values are on the up again with the latest QV figures revealing the average Tauranga home is now on the cusp of $600,000 in worth.

Figures for the month of June have risen rapidly, up 23.65 per cent since last year. Values have risen 4.9 per cent over the past three months alone, the figures show.

The average value in the city is now $599,915 while the average value in the Western Bay of Plenty district was now $526,756.

Home values in the Western Bay also continue to rise rapidly, up by 20.9 per cent since June last year and 5.8 per cent over the past three months.

QV national spokeswoman Andrea Rush said values throughout New Zealand were now rising at the fastest rate since 2004, up 5.6 per cent over the past three months alone and the nationwide average value is now nearing $600,000."

"Many housings markets around the country are continuing to be driven by strong investor demand, low interest rates, rapid price growth in the Auckland market and strong net migration.

"In terms of the main centres, the Hamilton market saw the highest growth, up 29.0 per cent over the past year, and Auckland, Wellington and Dunedin markets are also seeing rapid value growth of between 4.0 per cent and 5.0 per cent over the past three months."

"The Christchurch market has also seen a lift in sales volumes but values continue to rise at a slower rate than the other main centres."

"Regional areas within commuting distance of the main centres also continue to see strong upward pressure on values with Queenstown Lakes District seeing the greatest increase with values rising 10.7 per cent over the past three months and 25.0 per cent year on year."

"The latest CoreLogic Buyer Classification data shows the share of sales in Auckland to investors is now at 46.0 per cent of all sales, up from 37.0 per cent in 2012."

- Bay of Plenty Times

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