Masterton property values flat

Carterton and South Wairarapa property values are rising while Masterton values are flat, figures show.

Carterton saw a 4.9 per cent rise in the year to July to an average current value of $264,826 according to state valuer Quotable Value.

South Wairarapa values rose 4.5 per cent to $301,984 in the same period, while values in Masterton remained unchanged on $235,962.

Local values remain well below their 2007 market peak with Carterton down 5 per cent, South Wairarapa down 10.7 per cent, and Masterton down 17.4 per cent.

The figures show property values in provincial centres are variable, and while many are decreasing or flat, values are rising in a number of districts such as Kaipara and Matamata-Piako in the North Island, and Kaikoura, Clutha and Central Otago in the South Island.

Nationwide values jumped 7.6 per cent over the past 12 months to an average current value of $479,193, and are up 15.6 per cent on the 2007 market peak.

The nationwide annual increase dropped slightly when adjusted for inflation to 5.9 per cent, and values remained below the 2007 peak by 0.9 per cent.

QV national spokeswoman Andrea Rush said sales volumes were between 15 per cent and 25 per cent lower than this time in 2012 and 2013 in most places around the country.

"This slowdown is most likely due to the LVR speed limits and interest rate rises as well as the annual winter seasonal downturn.

"However, the Reserve Bank has now said it will take a break in rate rises for the moment and banks are advertising that they will negotiate on lending to those with deposits of less than 20 per cent."

Values had increased in most of the main centres.

In Auckland, values rose 11.7 per cent year on year, Tauranga values were up 5.6 per cent, Hamilton values rose 3.9 per cent, and Christchurch and Dunedin values were up 6.5 per cent and and 2.2 per cent respectively.

Although Wellington values rose in the year to July by 1.2 per cent, the rate of increase had dropped month on month which reflected lower sales volumes in the region.