Spring buyers keen but not much supply

The latest QV monthly property value index shows that nationwide residential values continued to increase in through out the year. Values are up 1.9% over the past three months and 5.7% over the past year. As a result, values are now 1.1% above the previous market peak of late 2007, which is a relief for many property owners.

Values in the wider Auckland area have risen 3.3% over the past three months and 9.2% over the past year.

QV.co.nz has stated that “there has been a late spring surge in activity with both buyer enquiry and the number of sales having risen. However, a lack of listings is constraining the market, particularly in the majority of the main centres.”

“Although the nationwide increase in values is largely being driven by Auckland and Canterbury, there are some signs that other main centres and provincial cities are increasing in value also”.

“Property investors and first home buyers remain active in the market, encouraged by low interest rates”