Rotorua residential property values holding their own

Statistics from QV Valuations show that property values grew by 16.3 per cent in the year ended May 2005 compared to 13.6 per cent annual growth recorded in April.

Nationally, residential properties grew in value by 13.5 per cent in the May year, up from 12.5 per cent annual growth to April.

Rotorua was on a par with comparative cities and towns in the Central North Island region, but lower than some other urban areas.

Rotorua's annual property value growth rate and April-May difference put it ahead of regional property favourite Tauranga city, where value growth dropped from 18.9 per cent in the April year to 15.8 per cent growth in the May year. Taupo property values grew at 14 per cent in the May, compared to 14.3 per cent in the April year.

However, Whakatane recorded a 40.6 per cent increase in the May year against a 36 per cent rise in the April year, while neighbouring Kawerau recorded a 40.6 per cent lift against a 36 per cent increase in the April year.

Commenting on the national figures, QV's Blue Hancock said that although sales volume were down over late summer and early autumn, the prices buyers were paying for residential properties had continued to increase across most areas of the country.

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