House prices in Nelson rose slightly in the past quarter but were down in Tasman.
The QV House Price Index for June shows Nelson residential property values rose by 0.7 per cent over the past three months and the average home value in the city is now $413,239.
Nelson home values have increased 3.2 per cent year on year and they are now 7.9 per cent higher than the previous peak of 2007.
Residential property values in the Tasman District decreased by 1.0 per cent over the past three months and the average value across the region is now $415,394.
However, Tasman District home values rose 1.2 per cent year on year and they are now 3.4 per cent higher than the previous peak of 2007.
QV Nelson Registered Valuer Richard Kolff says sales numbers and listings continue to fall around the region which is quite normal for this time of year as we hit the middle of winter.
“The drop off in the number of properties listed for sale in Nelson city is quite pronounced and the lack of choice for buyers is creating more competition for well-presented properties in the under $450,000 bracket.
“Recent decreases in the OCR and floating interest rates by some banks, coupled with an outlook of continued low interest rates, is also helping to fuel demand for homes in the low to medium level price brackets,” he says.
Richard says there have been regular reports of large numbers of buyers turning up at open homes of new listings, often resulting in multiple offers being received.
“This is likely to result in the slow, steady upward trend in values we have seen over the past six months continue for Nelson throughout the winter.
“Whilst in the Tasman District the traditional winter slowdown seems to have put a dampener on activity and sales in the market and this has led to a slight decrease in home values across the region.”
