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PHOTO: First-home owners. FILE

First-home owners outside the main centres are quids in when it comes to rises in property values.

Quotable Value figures show that over the 11 months from 1 January to 30 November 2021, first-home values in Papakura in the Auckland region rose 41 percent and 33.7 percent in Franklin.

In Christchurch, there was a 37 percent rise and in Napier and New Plymouth 30 percent rises.

But first-home values rose even more outside of the main centres with a whopping 59.8 percent in Stratford, 57 percent in Waitomo, and 48 percent in Wairoa.

QV spokesperson Simon Petersen said it had been a “bumper year” for property values.

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“We all thought 2020 was a big year, and yet values increased by less than half as much on average as they have this year.

“I have a feeling we’re not going to see another year quite like 2021 again.”

He said despite measures designed to cool the “action-packed” market, there had been no significant decline in home values.

“We’ve seen the return of loan to value ratios, rapidly rising debt-to-income ratios, high inflation, low-but-rising interest rates, and a raft of significant tax changes designed to take some of the steam out of the market. Just about the only thing we haven’t seen this year is significant drops in home values.”

READ MORE VIA RNZ

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