Home values on the up in Tauranga - QV report

Tauranga home values are on the up, as the latest monthly QV figures are released.

The QV Residential Price Movement Index shows that nationwide, residential property values for May have increased 9 percent over the past year and 3.1 per cent over the past three months.

Home values in Tauranga City have risen by 4.1 per cent over the past three months; 6.7 per cent year on year and they are now just 0.2 per cent below the previous peak of 2007.

Values in the Western Bay of Plenty decreased by 0.5 per cent over the past three months but rose 1.7 per cent year on year, and they are now 5.7 per cent below the previous peak of 2007.

QV homevalue Tauranga Registered Valuer Jessica Videbeck said: "The market continues to see strong interest and activity from out of town buyers and there's been little to no sign of the traditional winter slow down often seen during the cooler months."

"There are still high numbers of Aucklander's attending opens homes as a continuing flow of people look to move to Tauranga to take advantage of the more affordable homes or to look for investment property."

"In the Western Bay of Plenty demand remains high for residential property in Omokoroa and there is also good demand and activity for homes in Te Puke and Paengaroa, particularly for those looking for a more affordable entry into the housing market."

"There's also been an increase in interest for lifestyle properties in Te Puna which is becoming more popular due to the area's relatively close proximity to Tauranga's city centre.