11 May 2012

Property values edge up slightly

9:06 am on 11 May 2012

New Zealanders returning from overseas are underpinning the gradual rise in property values.

Quotable Value show nationwide values have risen 0.4% in the three months to April, and 3% on an annual basis, though it remains below the peak experienced in late 2007.

QV valuer Glenda Whitehead says a mix of buyers is venturing into the market.

First home buyers are getting a boost from being able to use KiwiSaver and other Government-related options, investors are starting to come back to the market but looking for rental returns rather than capital gain and there are a number of New Zealanders returning from overseas.

Ms Whitehead says the values should remain varied throughout the country in the coming months.

Auckland continues to lead, rising 0.6% in the latest quarter. Values are now 5% higher than the previous record in 2007.

Most other main centres are below their previous highs, with Christchurch nudging just 0.1% below its previous record.