Steady demand makes for rising values
Not only is this the second month in a row this has happened but the average national value has grown strongly too, according to QV’s House Price Index.
It was up by 4.4% year-on-year to and is now $714,747. This represents an increase of 2.5% over the past quarter.
QV general manager David Nagel says that while the volumes of transactions was low in January, there’s still plenty of interest from potential buyers looking at the limited stock on offer.
“This steady demand from right across the spectrum of buyers, coupled with the shortage of listings has meant values are continuing rise”.
New listings started to increase toward the end of January around most of the country, he says.
“But overall listings are reported to be down on the same time last year, which suggests the current trend of steady price growth is likely to continue in the short term.”.
Nagel says that what’s of more interest is the first significant quarterly growth observed in Christchurch, which left the city’s average value of $510,575 in January.
“With the market taking a bit of a break in January, the bulk of listings are just beginning to come on which may ease the pressure slightly although we expect the positive sentiment to remain for the foreseeable future.”