Rotorua property values jump 27 per cent

The average current value for a house in Rotorua has climbed to $372,849. Photo: File

Values in Rotorua's booming property market are continuing to rise - with a 27.7 per cent jump in average values year on year.

The QV House Price Index for November, released at midday, showed the average current value for a house in Rotorua was $372,849.

It is a jump of 7.2 per cent over the past three months and 27.7 per cent year on year.
Average values now sit 27 per cent over the 2007 market peak.

QV National spokeswoman Andrea Rush said the Rotorua district continued to see strong value growth.

Ms Rush also singled out nearby Kawerau which saw values rise 52.9 per cent year on year and 3.9 per cent over the past three months.

Because Kawerau came off a low base, the average was still only $158,602 making it one of the cheapest places in New Zealand to buy a home, she said.

Nationwide residential property values for November increased 12.4 per cent over the past year, which is the slowest rate since May 2016.

Values rose by 2.0 per cent over the past three months and are now 50.8 per cent above the previous market peak of late 2007.

When adjusted for inflation the nationwide annual increase drops slightly to 12.1 per cent and values are now 27.8 per cent above the 2007 peak.

The average value nationwide is $624,675.