House values across region still increasing

Nelson house prices have reached an average of $627,629.

The latest QV figures reveal that Nelson residential property values rose 6.7 per cent in the year to August, and 0.5 per cent over the past quarter, with listings starting to increase coming into spring.

Values in Tasman district also continued to rise, up 4.1 per cent year-on-year and 1 per cent over the past three months, with the average value now $608,974.

Nelson house prices first cracked the $600,000 mark in January, according to QV figures, with the average value in Tasman still just under $600,000 five months ago.

QV senior consultant Craig Russell said the number of homes sold had continued to increase over the last month, with values rising ‘‘at a modest level’’.

‘‘Properties have been selling readily . . . with well-located family homes in Stoke and Richmond particularly generating good interest in the $500,000 to $650,000 price bracket.’’

It was typical to see an increase in listings at this time of year, with inventory levels up from this time last year, he said. ‘‘Further growth in the market may yet be fuelled by lower interest rates.’’

Nelson is the fourth most expensive region to own a home, behind Queenstown Lakes, Auckland Area, Tauranga and Wellington Area, but values are still below the national average of $688,760.

Auckland, Rotorua, Napier and Christchurch were the only regions to see a quarterly decline in the average value, all of less than 1 per cent.