Tauranga home values jump 1.6 per cent in year

Tauranga's home values jumped 1.6 per cent year-on-year. Photo/File

Tauranga house values jumped 1.6 per cent year-on-year but only 0.7 per cent in the past three months, according to new data.

The latest QV House Price Index showed the average value in the city was now $705,383.

The Western Bay of Plenty market rose 3.5 per cent year-on-year and 0.8 per cent over the past three months. The average value in the district was now $634,582.

Tauranga property consultant Steven Dunn says a recent low number of listings had meant that multi-offers and strong sales prices were being achieved in many cases.

"We have seen an increase in investor activity and first home buyers are less active, which could be due to the lack of listings in the low-to-mid price bracket," he said.

"We're anticipating a lift in listings and sales volumes as we settle into spring over the coming month, so it'll be interesting to see what impact this has on value growth."