Bay continues to lead on property price growth
The Hawke’s Bay region continues to see some of the strongest rates of property price growth in the country.
The latest QV House Price Index shows nationwide residential property values have increased steadily over the past year by 3.0% and by 0.7% in the three months to February.
The nationwide average value is now $686,050.
However, growth in Hawke’s Bay was much higher.
Napier values rose 12.5% year on year and by 5.2% over the past three months. The average value in the city is now $549,207.
Hastings values are also continuing to rise, up 13.2% year on year and 9.9% over the past three months. The average value there is now $511,442.
Meanwhile, residential property value growth across the Auckland Region decreased by 0.9% year on year and by 0.6% over the past quarter. The average value for the Auckland Region is now $1,044,576.
"Our latest figures paint a bit of a mixed picture,” says QV General Manager David Nagel.
“On the one hand, we’ve got more affordable, smaller provincial towns who are still in their upward growth stage, while the likes of Auckland are much further down their growth lifecycle and now seeing values flatten after a period of sustained value growth.
"The rate of annual growth, nationally, has dropped from 6.5% to 3.0% over the past year, which does suggest that the heat has certainly been taken out of the market."
