Mount high on NZ pile
Friday 2 April 2004
Mount Maunganui has become the country's fifth most expensive residential area after its house prices soared as high as 50 per cent in the past year.
By The LandlordLatest Quotable Value (QV) market statistics show the Mount is in the top five dearest areas, behind Auckland, Wellington and Queenstown.
According to QV sales figures for the three months ending December, Mount Maunganui had an average house price of $331,000 _ and property prices have climbed even higher since December.
Auckland City had the highest priced residential property with sales averaging $491,000.
Queenstown was next with an average of $466,000 in that period, followed by North Shore City $429,000 and Wellington City $359,000.
Nelson City with sales averaging $287,000 and its neighbour Tasman with $313,000. Tauranga sales averaged $270,000.
Residential property prices at the Mount were 50 per cent higher than in Christchurch City on $225,000 and double those in Dunedin with $150,000.
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There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.
Take note, investors: It is "quite possible" fixed rate mortgages have hit their lowest point in this cycle, according to economists at ASB.