Winter chills for QV

By Nathan nathan.crombie@age.co.nz

The winter months took a toll on property value growth in Wairarapa this year, the latest QV figures show.

The region plodded through "a slow winter, with almost all areas declining slightly over the past three months", despite most other provincial centres remaining up on last year, says Kerry Stewart, QV operations manager.

Masterton last month posted a 0.5 per cent rise on the same period last year, while the district had fallen -0.4 per cent in property value growth over the past three months and plummeted -17.4 per cent from the previous market peak of late 2007, Mr Stewart said.

Carterton posted a 1.8 per cent annual increase in July, while falling -4 per cent over the past three months and -9.4 per cent from the previous market peak of 2007.

South Wairarapa had, in contrast, risen 1.3 per cent over the past three months but had recorded an annual decline of -0.1 per cent and a fall of -14.5 per cent from the previous market peak of 2007, Mr Stewart said.

The average current value of a Masterton property was $236,034, the average current value in Carterton was $252,341 and in South Wairarapa $289,048.

QV Valuer Pieter Geill said July had been a relatively quiet month in the Wellington region "partly due to school holidays but also probably because of the weather and the earthquakes".

"The latter may mean buyers will start to focus more on the quality of buildings and their level of earthquake proofing.

"We are also seeing insurance becoming a standard condition of purchase."

Gore and Invercargill had also posted declines through the winter months, he said, while Whangarei, Taupo, Rotorua and Gisborne were all up, although no more than 2.6 per cent annually.

Hastings and Napier had recorded only slight gains over the past three months and Nelson had increased 1.2 per cent in the three months.

He said the July index showed residential values had also "once again' increased last month with values nationwide rising 8.1 per cent over the past year, increases of 3.1 per cent posted over the past three months and 7.5 per cent over the previous market peak of late 2007.