Whangarei Barfoot and Thompson branch managerNorthland property values are resisting signs of improvement, new figures show.
The latest Quotable Value figures for September, released this week, show the average current value for a Whangarei property is $328,097, while Kaipara sits at $317,135 and the Far North at $296,409.
Whangarei values rose 2.1 per cent over the past 12 months, compared to Kaipara at 1.8 per cent. The Far North's values, however, dropped 5.9 per cent year on year.
Despite the growth in Whangarei and Kaipara, Northland property values remain well down on their 2007 peak.
New Zealand property values rose at an 8.4 per cent annual pace last month, ahead of the introduction of the Reserve Bank's low-equity home lending restrictions, with the increases driven by a shortage of houses in Auckland and Christchurch.