Nelson home values continued to increase up 3.7 per cent over the past three months and 7.7 per cent year on year, the latest monthly QV house price index shows.
The average value in the city is now $439,741. While home values in the Tasman district were also up slightly by 0.2 percent over the past three months and 3.0 per cent year on year.
QV Nelson Registered Valuer Craig Russell says the Nelson market continues to see significant value growth and the market sentiment seems to be that values will continue to rise over the short term given interest rates are low and there is a lack of listings.
“Listings numbers have picked up over the past month as more properties have come onto the market for sale but they are still well down on this time last year.
“A number of agents have switched to no price marketing such as selling by auction or by negotiation, this indicates both that house prices are rising quickly and of a strong market where purchasers may being forced into a bidding war which can put upward pressure on prices.”
“Previously properties up to $450,000 have been in the greatest demand; we are now seeing an increase in this with properties up to $550,000 now in hot demand.”
“There is strong demand within the subdivisions for vacant land; this is particularly strong within Stoke and Richmond which has seen an increase in asking prices in recent months.”