Home values still on up in Tauranga

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Home values in Tauranga continue to rise rapidly up a huge 25.7% year on year and 6.6% over the past three months. Photo/file
Home values in Tauranga continue to rise rapidly up a huge 25.7% year on year and 6.6% over the past three months. Photo/file

Tauranga home values are still steadily rising according to the latest QV statistics released this afternoon, which reveal prices have increased 25 per cent increase year on year for July.

Tauranga house prices have again seen one of the highest increases around the country, with a "huge" 25.7 per cent increase year on year and a 6.6 per cent increase in the past three months.

The average value in the city is $615,625.

QV home value Tauranga Registered Valuer David Hume said the market continues to be "buoyant". "

"Supply cannot keep up with demand for property and there are still a lot of desperate buyers competing to buy those homes and sections that are listed for sale on the market."

"There continues to be a severe shortage of listings and a lack of vacant sections or land available on the market.

"There is continued strong demand from local and out-of-town investors for property. We are also still seeing high numbers of people relocating to Tauranga including New Zealanders returning from overseas, people moving from Christchurch due to the earthquakes and people priced out of the Auckland market," Mr Hume said.

- Bay of Plenty Times

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