The latest QV House Price Index, released last week, shows the residential property values for January increased 6.4% across New Zealand over the last year and the nationwide average value now sits at $671,531.
This same report also stated that values in the Auckland region only rose 0.7% over the same time period and the biggest increases across New Zealand were seen in some of the smaller cities with Napier increasing 15.4% and Nelson 9.9%.
In our local market we experienced a 3.9% increase year on year for an average sale value of $698,875 and interestingly a 1.7% lift over the last three months! Across the Western Bay of Plenty a strong 7.3% growth was attributed to the recovery of the Kiwifruit market.
What do these numbers mean to us? Certainly the market activity is not what it was 18 months ago as we are back to a ‘normal market’ and when you couple the good numbers through open homes and the auction results YTD, a nice picture forms of a steady market.
Your EVES salesperson will provide you relevant data about real estate in your local patch. Give them a call today.
EVES, more people selling more property in 2018.