tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Sunday, November 3rd, 1:12PM

News

rss
Latest Headlines

Rotorua values slowly rising

Small, slow increases are the trend for Rotorua residential property values - despite the latest QV data indicating a recent drop in values.

Monday, August 10th 2015, 12:00AM

by Miriam Bell

According to the latest QV House Price Index, Rotorua values recorded a small year-on-year increase of 0.3%, which has left the average value at $271,414.

But they dropped by -1.6% over the last three months and, and since the last market peak in 2007, the Rotorua’s value have fallen by -7.6%.

QV’s Rotorua valuer Nicky Harris said that values were definitely still below the 2007 peak.

However, she was surprised by the three month figure and thought the average may have been skewed by a high number of sales at the lower end of the market.

In her view, Rotorua values are generally increasing - albeit slowly and sedately.

“Since the start of the year, we have seen an increase in sales volume and there is also a shortage of stock on the market, although this is partly seasonal.”

For this reason, she believes values are likely to continue their leisurely climb up.

The Rotorua market is also starting to see increased interest and activity from Auckland and other out of town investors.

Harris said this trend is noticeable - although not to the extent it is happening in Hamilton and Tauranga.

“Rental portfolios are increasing and they are not all made up of the standard investor property type. There’s some higher end properties in there as well.”

The latest data from the Real Estate Institute of New Zealand (REINZ) backs up Harris’s view.

It shows that Rotorua’s median price rose by 15% in June, as compared to May 2015, and by 20% year-on-year.

This left the city’s median price at $276,000.

The REINZ data also showed that Rotorua’s sales volumes have increased by 96%, when compared to June 2014.

Meanwhile, values are on the rise nationwide, according to the QV data.

They increased by 4.1% over the past three months and by 10.1% over the last year.

This was the fastest annual increase since 2007 and has left nationwide values at 27.4% above the 2007 market peak.

When adjusted for inflation, the rise in annual values comes in at 9.9%, leaving values 8.8% higher than in 2007.

« Has the Auckland market reached its price limit? Auckland median price down, national median price up »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ ▲8.15 ▲6.79 ▲6.45 ▲6.29
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 6.39 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society ▼8.10 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.24 6.09 5.69

Last updated: 1 November 2024 2:24pm

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com