Rotorua house values rise 15%

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Rotorua house values are continuing to rise - with the latest statistics showing house values have risen 15 per cent on the same time last year.

According to the QV House Price Index for May, which was released at midday, the average value of a house in Rotorua is now $318,295.

It revealed values have rised 6.1 per cent in the past three months and now sit 8.4 per cent above the 2007 market peak.

Nationwide residential property values for May have increased 12.4 per cent over the past year.