Carterton property values get a boost

Home values rose handily in Carterton in March despite marginal lifts in Masterton and South Wairarapa, the latest QV figures show.

And while the average current value of a property in Carterton fell by $1873 to $255,224 since February, the town posted a 4.1 per cent rise in property value over the past three months, which comes after a 5.3 per cent three-monthly climb the previous month.

The average current value in Masterton rose by $6116 in March to $236,565 with a marginal rise in property value growth in the town of 0.5 per cent in the past three months.

In South Wairarapa, the average current value fell by $1105 to $287,529 and there was a 1 per cent lift in property value growth over the past three months.

Property values over the previous 12 months rose by 5.5 per cent in Carterton, according to the latest figures, while there was a 0.8 per cent rise recorded in South Wairarapa and a -0.8 per cent fall in Masterton over the same period to March.

The latest figures showed that residential values had increased further in March across the country, said Jonno Ingerson, research director at QV.co.nz. There had been a nationwide lift of 1.3 per cent in property value growth over the past three months and a 6.5 per cent increase over the past year, he continued.

The main provincial centres are still recording increases in values, he said, albeit at different rates around the country.

"The provincial centres remain variable with no universal trends evident either over the past three months or the past year," Mr Ingerson said.

"Nationwide values are still increasing although there are signs that the rate of increase has slowed in the last month or two in Auckland, Hamilton, Christchurch and Dunedin. However, it is still too early to tell if this is the start of a more widespread slowing of values.

"The number of properties on the market remains limited, particularly in Auckland. This has constrained the number of sales at a time when buyers have generally shown more confidence and have been keen to purchase."