QV’s Residential Price Index in Tauranga

QV’s Residential Price Index in Tauranga

QV’s Residential Price Index for October shows that property values in Tauranga are 0.5% lower than the same time last year. Values have been flat for most of 2011 but there are signs of slight increases in recent months.

Mr. Shayne Donovan-Grammer of QV Valuations said; “The traditional lift in activity during spring has not really eventuated at this point in time. Perhaps the world cup, shipping disasters and the school holidays has drawn some attention away from the property market.”

“Low interest rates have given the market a much needed level of composure during what has been a prolonged stagnant period. With other household expenses rising (and discretionary income tightening) low interest rates has helped to contain what is often a household's biggest expense, the mortgage” said Mr. Donovan-Grammer.

QV’s Residential Price Index is calculated using sales data from the 3 months leading up to the month being reported. It is not the same as the average sales price, which fluctuates in line with the mix of properties selling in upper or lower price brackets. The average sales price for Tauranga in October was $402,667.

© Scoop Media