Earthquake-wary Wellingtonians seeking some stability are the latest players in Whangarei's booming property market where prices have risen on average nearly 23 per cent in the past year.
The latest monthly QV house price index shows nationwide residential property values for February increased 13.5 per cent over the past year but when adjusted to inflation, the annual increase dropped slightly to 12 per cent.
Kaipara saw the biggest increase in house values of 25.3 per cent in the past 12 months to February this year, with the average current value at $470,913.
In Whangarei, the average value of a house is $468,033 - a 19.4 per cent annual increase, while a 20.8 per cent hike in the Far North has pushed the average to $399,780.
Graham Lester of Maggie Dixon real estate in Whangarei said before the Loan to Value Ratio (LVR) restrictions the Reserve Bank put in place kicked in late last year, Auckland investors were buying properties in Northland and now that interest has extended further south.