Nelson Tasman properties are continuing to rise in both value and popularity according to the latest Quotable Value House Price Index.
The November index shows the average home in the city is now worth $424,022 with Nelson residential property values rising two per cent over the past three months.
Nelson home values have increased 3.6 per cent year on year and they are now 10.7 per cent higher than the previous peak of 2007.
Residential property values in the Tasman District have also increased by 2.3 percent over the past three months and the average value across the region is now $434,123.
Tasman District home values rose 4.6 per cent year on year and they are now 8.1 percent higher than the previous peak of 2007.
QV Nelson Registered Valuer Craig Russell said, “With the outlook for low-interest rates and the current history of steady value increases, Mum and Dad investors are currently seeing Nelson property as a favourable retirement investment option to complement their Kiwi Saver.”
“Investment type properties in the entry level $250,000 to $350,000 price bracket in Nelson South and Washington Valley areas are selling well.”
“There is limited stock available in these areas and the low-interest rates fuelling demand for these properties from investors.”
“New build house and land packages are selling well with a strong interest for smaller homes on compact sites in the mid-level range of $500,000 to $600,000 price bracket.”
“We are also seeing an increase in renovated properties coming onto the market which are fetching premium prices.”
“Home values in Motueka have been showing steady increases over the past few months with a strong interest in the $300,000 to $400,000 price bracket.”
“The Nelson and Tasman property markets are expected to continue to show moderate value level increases given there is a shortage of housing stock and interest rates are at record lows and are tipped to fall further over the coming year.”