House prices increase in Nelson

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House prices in Nelson and Tasman have risen around 3 per cent in the past year according to the QV House Prince Index.

In Nelson the average house price is $417,934, a 3 per cent increase on the same time last year. The average price is higher in Tasman, up 2.7 per cent to $426,852.

Nationally, the residential property values for September have increased 12.6 per cent over the past year which is the fastest rate since April 2006. Values rose 4.2 per cent over the past three months and are now 30.9 per cent above the previous market peak of late 2007.

Most of that growth was due to huge increases in the Auckland property market.