Wairarapa house values on rise

In Masterton, house values rose 1.9 per cent, while Carterton values rose 8.6 per cent and South Wairarapa house values were up 2.7 per cent year on year, QV figures show.

House values have risen across the Wairarapa region in the year to September, according to state valuer Quotable Value.

In Masterton, house values rose 1.9 per cent to an average of $239,538, while Carterton values rose 8.6 per cent to $270,273.

In South Wairarapa, house values were up 2.7 per cent to $305,009, which was just under 10 per cent below the 2007 market peak.

Property Brokers Wairarapa manager Guy Mordaunt said the property market was booming with nice and solid sales.

"There was a bit of a delay in Masterton where prices weren't going up with national averages, but now they're doing really well," he said.

Banks were working harder to lend to homeowners beyond loan-to-value ratios and this had pushed up housing demand, he said.

Nationally, house values increased 6.4 per cent in the year to September $481,497 -- up 16.2 per cent on the 2007 peak.

QV national spokesperson Andrea Rush said property prices were still rising but the growth rate was slowing.

"Auckland, Christchurch and Dunedin saw home values increase, while Tauranga remained flat over the past three months," she said.

"Wellington values continued the downward trend of recent months and Hamilton values were also slightly down over the past three months."

There was a lull in sales in the leadup to the election, but this was expected to change, Ms Rush said.

"The election result coupled with the coming of spring and stable interest rates is bringing renewed interest and activity to the market," she said.

APNZ