Carterton values streets ahead

ON THE RISE: Carterton's housing market continues to climb.PHOTO/PETE NIKOLAISON

Growth in Carterton's housing market continues to surge ahead of other Wairarapa towns, figures show.

The latest Quotable Value figures for August show Carterton values rose 5.9 per cent over the past 12 months, compared with Masterton at 0.8 per cent and South Wairarapa at 1.9 per cent. Despite the growth in values, all three areas remain well down on their 2007 market peak.

The average current value of a Carterton property is $256,627, while Masterton sits at $237,482 and South Wairarapa at $289,055.

Property values accelerated last month nationwide, as a lack of listings in Canterbury and Auckland continued to drive already heated real estate markets there, prompting the Reserve Bank to impose low-equity home loan lending restrictions from next month.

Professionals Patrick and Scott principal Andy Scott said Carterton was "the place to be" as it was 10km from Masterton, and a reasonable-sized town with all the facilities, good shopping and a good train station.

"Carterton certainly is the buzz word around the Wairarapa at the moment, especially from Wellington.

"Greytown in the past got quite expensive and Carterton lagged behind and you're just seeing it pick up now."

He had noticed some panic buying from first home buyers across the Wairarapa, hoping to get in before the home loan lending restrictions took effect on October 1.

Featherston was especially popular with first home buyers coming across from Wellington.

"Auckland and Canterbury are still driving the national increase in values, with the other main cities seeing limited growth," QV research director Jonno Ingerson said.

Auckland property values rose 3.3 per cent on a rolling three-month basis.