Values settle into new normal
To date, the market has bounced back from the Covid-19 crisis strongly, with the real estate sector reporting listings are back close to normal winter levels and banks reporting strong enquiry levels from potential buyers.
The QV House Price Index shows that all but two (Queenstown and Marlborough) of the 16 major cities monitored saw some growth in their average values over the past quarter – although the growth was largely moderate.
Tauranga was leader of the quarterly growth pack with 2.8%, followed by Invercargill and Napier (both with 2.6%) and Whangarei (with 2.5%).
But the QV data also reflects a gradual decline in quarterly growth in June, with 13 of the 16 cities monitored showing a reduction in the rate of growth since May.
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