Bay property values rise

Tauranga's average residential property values increased 3.7 per cent last year with Western Bay properties up 7.7 per cent.

The latest Quotable Value (QV) figures showed the rise to an average value of $458,521 from between December 2013 and December 2014.

Between October and December 2014 Tauranga values rose 1.4 per cent.

In the Western Bay of Plenty values rose 7.7 per cent to $423,562 between December 2013 and 2014.

Between October and December last year values also rose 1.4 per cent.

Nationally it was a stop start year for residential property values with some flat periods due to uncertainty associated with the LVR speed limits, interest rate hikes and an election, along with periods of rapid value increases in some areas and decreasing values in others, QV national spokesperson Andrea Rush said.

Overall the nationwide average shows residential property values increased 4.9 per cent or $22,652 during 2014 from $466,022 in December 2013 to $488,674 in December 2014.

The average national value increased 1.5% over the final three months of 2014 and nationwide values overall are now 17.9% higher than the previous market peak reached in late 2007.