The Tauranga housing market continues its uphill climb, with the average house in Tauranga now worth $651,725.
According to a report of the latest QV statistics released today, Tauranga city rose by 27 per cent compared to the same time last year, with the average house price rising 5.9 per cent in the last three months.
However the new Loan to Value Ratio is said to be slowing down the rapid growth across the New Zealand, but pushing investors to more affordable markets such as the Western Bay, according to QV national spokesperson Andrea Rush.
"Auckland, Tauranga and Hamilton home values are continuing to rise, just at a slightly slower pace than they were prior to the new LVR measures being introduced in late July," she said.
Nationwide, residential property values went up 12.7 per cent from the past year to $622,309 , which was the slowest increase rate since May 2016.