South Wairarapa a property market star

SLIDE: Masterton property values have dropped marginally on latest figures.PHOTO/PETE NIKOLAISON

South Wairarapa was the star performer as far as property values in Wairarapa were concerned, according to latest figures, with the district enjoying a lift of 0.5 per cent in the three months and 5.6 per cent year-on-year.

But for all that South Wairarapa is almost 11 per cent below the market peak of 2007.

Meanwhile Quotable Value (QV) has found values in Masterton dropped 0.3 per cent in the first quarter, 0.6 per cent year-on-year and was down 17.6 per cent from the 2007 high.

Likewise Carterton values dipped 1.9 per cent in the three months, 3.4 per cent year-on-year and were down 8.9 per cent on 2007.

QV valuer Trent Bellingham said there had been a slight lift in sales numbers in Masterton while South Wairarapa and Carterton had remained steady.

In contrast to many areas of the country most sales in Wairarapa had been at the lower end of the market, he said.

Values in Tararua remained steady with small three-monthly and year-on-year drops and a 12.5 per cent fall on 2007 highs.

The latest monthly QV Residential Price Movement Index shows that nationwide residential values for April have increased 0.2 per cent in the last three months and 8.4 per cent in the last year.

This means they are 13 per cent above the 2007 market peak.

When adjusted for inflation the nationwide yearly increase drops slightly to 6.8 per cent and remain below the 2007 peak by 2.9 per cent.

The Auckland market rose 13.9 per cent year-on-year and values are up 29.2 per cent since 2007. When adjusted for inflation values are up 12.2 per cent over the past year and are 10.9 per cent above the 2007 peak.

Andrea Rush, QV National spokeswoman, said NZ property values took a downward turn last month and predictions were that this would level out, but instead the trend show values are starting to increase again.