Property values in the Western Bay of Plenty are steadily rising.
According to QV, New Zealand’s leading source for property information and advice, regional areas such as the Western Bay, Hutt Valley and Porirua continue to see values rise, supported by a strong regional economy.
QV General Manager David Nagel says the last month has seen a continuation of recent trends, sluggish value growth and low supply overall mixed in with pockets of strong growth.
“The regions that continue to see the strongest value growth, such as the Bay of Plenty, Hutt Valley and Porirua, are generally those offering more affordable property in areas where the local economy provides plenty of job prospects within a commutable distance.
“In the coming months, we’re anticipating no major changes in market activity. Market conditions appear to be relatively stable, with record low interest rates likely to continue supporting steady buyer demand.
“As per usual, as we emerge out of winter, we’re expecting a slight increase in listings and sales volumes although this won’t have a substantial impact on market trends.”
Tauranga home values rose 5.3 per cent year on year, although the percentage dropped by 0.3 per cent over the past three months.
The Western Bay of Plenty market rose 6.9 per cent year on year and by 2.9 per cent over the past three months.
The average value in the Western Bay district is now $673,793, and the average value in Tauranga is $738,277.