Nelson house prices ‘flat’

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The value of Nelson homes is at record levels, despite a “flat” three months.

The QV residential price movement index was released today and it shows that Nelson home values have not moved over the past three months.

However, Nelson values increased 2.6 per cent year on year since March 2014 and they are now 7.1 per cent higher than the previous peak of 2007.
Residential property values in the Tasman District increased by 1.1 per cent over the past three months.

Tasman values are now 0.8 per cent higher year on year than they were in March 2014 and they have increased by 4.5 per cent since the previous peak of 2007.
QV Nelson Registered Valuer Richard Kolff says demand is still strong for homes in the more affordable to medium price bracket of up to $450,000.

“While there is a lot of activity, the market seems to be pretty much in equilibrium with demand meeting supply, resulting in the Nelson market showing values remaining steady.
“However, the Tasman market has been more buoyant and has seen values increase over the summer months.

“The longer term forecast for interest rates not to increase appears to be fuelling interest in the lower end of the market from both first homebuyers and investors.”
He says that there is demand for blocks of tidy low maintenance investment flats from those with good personal income levels looking to invest for future retirement.

“Generally rental properties are also in demand and are letting well at the moment.”