Property values climb 14.9%

Statistics released today by QV continue to indicate steady growth in the residential property market, as residential properties increased in value by 14.9% over the year to September, up from 14.7% annual growth to August.

“Despite predictions that growth in the residential market may be about to level out, property values continue to edge upwards across the majority of main centres and regional areas of the country”, says QV spokesperson Glenda Whitehead.

Hamilton is an area on the move with growth in property values of 27.6%, a substantial increase from annual growth of 15.9% reported to January. Dunedin was close behind with 23.2% annual growth, followed by Christchurch (19.1%) and Wellington (11.3%).

Papakura led the greater Auckland area with growth in values of 15.7%, followed by Manukau (13.3%), Waitakere (12.7%), and the North Shore (12.3%). Although Auckland City property values only increased by 5.8%, this was up from 4.4% growth reported in August. Further evidence of the continued buoyancy in the market is reflected in the growth in Queenstown Lakes, where property values have increased by 16.5% annually, up from less than 2% growth reported earlier in the year.