Demand lifts home values

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Home values across the region are continuing to rise according to the latest statistics.

The QV House Price Index for January shows Nelson residential property values continued a steady value increase, rising 2.7% over the past three months. The average home value in the city is now $436,735.

Nelson home values have increased 6.7% year on year and they are now 14.0% higher than the previous peak of 2007. Screen Shot 2016-02-11 at 9.56.44 am

Residential property values in the Tasman District also increased by 1.3% over the past three months and the average value across the region is now $436,054.

Tasman District home values rose 3.8% year on year and they are now 8.6% higher than the previous peak of 2007.

QV Nelson Registered Valuer Craig Russell says the Nelson housing market has had a strong start to 2016.

“There is plenty of demand from buyers and multi-offer situations continue to be common as are deadline sales for sale by negotiation.”

“We are seeing a general lack of homes listed for sale and an increase in sales volumes and buyer demand which is creating upward pressure on values.”

Craig also says affordability and demand for higher value properties across the region are increasing.

“There is a very positive feel around the region and the record low interest rates are helping people with home affordability.”