Wednesday, 17 August 2022
OpinionSportMoneyLifestyleRural
Residential Property Listing
Driven MotoringPhotosVideoRotorua WeekenderTaupo & Turangi Herald
WhakataneTaurangaRotoruaTaupo
NZ HeraldThe Northern AdvocateThe Northland AgeThe AucklanderWaikato HeraldBay Of Plenty TimesRotorua Daily PostHawke's Bay TodayWhanganui ChronicleThe Stratford PressManawatu GuardianKapiti NewsHorowhenua ChronicleTe Awamutu CourierVivaEat WellOneRoofDriven MotoringThe CountryPhoto SalesNZ Herald InsightsWatchMeGrabOneiHeart RadioRestaurant Hub

Advertisement

Advertise with NZME.
Rotorua Daily Post

Rotorua house prices jump 7.4 per cent in 12 months

31 Oct, 2018 08:20 PM2 minutes to read
The Rotorua market increased 7.4 per cent year. Photo/File

The Rotorua market increased 7.4 per cent year. Photo/File

Rotorua Daily Post

Rotorua house prices jumped 7.4 per cent year on year, according to new data.

The latest QV House Price Index showed the Rotorua market increased 1.1 per cent in three months. The average value in the district was now $434,253.

Tauranga home values rose 3.3 per cent year on year and 1.2 per cent in the past three months. The average value in the city was now $709,746.

The Western Bay of Plenty market rose 0.9 per cent year on year and 0.4 per cent in the past three months. The average value in the district was now $633,158.

Advertisement

Advertise with NZME.

Nationwide residential property values have increased steadily in the past year by 5.4 per cent and by 1 per cent in the three months to October. The nationwide average value was now $681,802.

QV general manager David Nagel said value growth remained modest across many areas as affordability constraints put the brakes on after a period of sustained growth.

"Undoubtedly, the heat has been taken out of the market in recent months," he said.

Nagel said the median number of days to sell was up across many regions including Auckland.

"The Super City, in particular, is seeing vendors' sales price expectations being challenged," he said.

"However, in many cases, sellers' are refusing to sell below their expectations which is keeping values either at or slightly below their current levels."

Related articles

Business

Agents: Too many buyers, not enough houses

19 Aug 06:00 PM

Better economy but more jobseekers, report shows

31 Aug 05:00 PM

Decrepit villa sale provides perspective

20 Sep 05:00 PM

Spring lift yet to come in Rotorua property

14 Oct 01:00 PM

Despite the slowdown, Nagel said GDP growth remained strong and the labour market continued to perform well, which is underpinning a seemingly steady market.

"These factors, coupled with a steady interest rate environment and strong net migration, signal that the market is in a relatively strong position."

Advertisement

Advertise with NZME.

Nagel said a real positive was the continued resurgence of first home buyer activity.

He said the latest CoreLogic Buyer Classification data indicated first home buyers remained a major presence across most main centres, particularly in Wellington and Christchurch.

"Over the coming months, I'll be closely following investor activity as we see what impact the foreign buyer ban will have on the market.

"I'd anticipate the low-to-med priced section of the market to remain busy and first home buyers to continue to be a strong presence throughout the summer months."

Advertisement

Advertise with NZME.

Latest from Property

Premium
Property

'Turning point': Property resale gains not the usual 'cash windfall'

16 Aug 09:00 PM
Premium
Rotorua Daily Post

Is an auction the right choice for selling your home right now?

14 Aug 09:00 PM
Rotorua Daily Post

House values drop below $1 million average: What's going on in your area?

08 Aug 05:00 PM
Premium
Rotorua Daily Post

Bay property sales plummet but 'light at the end of the tunnel' for Rotorua

15 Jul 08:00 PM
Premium
Rotorua Daily Post

The city where rents are set to 'tumble': Changing market shifts power to tenants

05 Jul 06:00 PM

Most Popular

Premium
Trauma counsellors: Ending bullying starts with 'treating it seriously'
Rotorua Daily Post

Trauma counsellors: Ending bullying starts with 'treating it seriously'

15 Aug 05:00 PM
Premium
How geothermal could supercharge Contact's earnings
Rotorua Daily Post

How geothermal could supercharge Contact's earnings

15 Aug 05:00 AM
Premium
What do businesses really think about buy now pay later?
Rotorua Daily Post

What do businesses really think about buy now pay later?

13 Aug 05:00 PM

Advertisement

Advertise with NZME.
About UsHelp & SupportContact UsSubscribe to Rotorua Daily PostHouse Rules
Manage Your Print SubscriptionRotorua Daily Post E-EditionAdvertise with NZMEBook Your AdPrivacy Policy
Terms of UseCompetition Terms & ConditionsSubscriptions Terms & Conditions
© Copyright 2022 NZME Publishing Limited
TOP