Rotorua property values have increased only marginally in the past year, new figures reveal, as homeowners brace for another possible interest rates hike next week.
Rotorua recorded a 1.4 per cent rise in the year to May to an average value of $273,458, according to state valuer Quotable Value.
Despite the increase, local values remain 6.9 per cent below their 2007 market peak.
In contrast, property values nationwide jumped 8.2 per cent over the past 12 months to $471,791, and are up 13.9 per cent on the 2007 market peak. However, the increase was mainly driven by the overheated Auckland and Christchurch markets.
LJ Hooker Rotorua agent Stephen Pepper said he had not seen property values increasing locally, but more investors were taking an interest in Rotorua.