Taranaki residential property prices continue to rise
New Plymouth's transformation from a cowboy town into the one of the world's best places to visit has been credited with helping keep property prices buoyant.
The latest Quotable Value figures show the average residential property value in the city had increased to $411,160, up 10.4 per cent on the previous 12 months and 24.3 per cent since the market peaked in 2007.
The numbers also show rises in Stratford, up 13.2 per cent to $237,270 in the last year, and South Taranaki which had risen by 5.2 per cent to $198,035.
Nationally residential property values for December had increased 12.5 per cent during the past year and were now 51.5 per cent above the previous market peak in 2007.
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REINZ Taranaki spokesman Garry Malcolm said the continued rise was "absolutely a positive" which he credited to recent desirable publicity.
"There has been some innovated stuff going on with the walkway and the Len Lye Centre and the local food and beverage industry has upped the anti," the owner of RE/MAX NZ Team Realty New Plymouth, said.
"We are quite a vibrant little spot now instead of what used to be a cowboy town."
Malcolm said there had been a dramatic shift in the price demand during the past six months.
"It used to be under $300,000, then it was under $400,000 and now it's under $600,000, anything under $600,000 is moving rapidly.
"We are seeing an increase in the upper level, there has been a number of sales recorded in the last few months over the million dollar mark which is positive."
In October the Lonely Planet's Best in Travel 2017 ranked Taranaki as the second best region in the world to visit.
The region was behind Choquequirao in Peru, but ahead of internationally renowned areas including the Azores in Portugal, North Wales and South Australia.
The Len Lye Centre was named one of two unmissable experiences and was labelled Taranaki's answer to the world famous Guggenheim in New York while the guide described the Pouakai Crossing as a fresh alternative to the "overburdened" Tongariro Crossing.
While South Taranaki's property values had not risen as much as its northern neighbours Malcolm said there had been big movement in that market during the Kupe oil and gas projects and it was a good sign the area had held its value.
"It's not in the negative so that's a positive thing."
He also put the price increases down to people wanting to move to the region and those wanting to return home.
"I think what we are seeing is that there is a lot more buyers coming into the region than there has been in previous years.
"We are lucky we have a good lifestyle here and we have great amenities and we can offer a good education for the children."
Improvements to the region's roading network and accessibility, an upturn in the dairy and oil and gas industries were good signs for buyers and sellers at both ends of the market in 2017, Malcolm said.
"There are a lot of positives and we are certainly seeing a shortage of listings available for sale.
"We are still very affordable. The sellers are getting a fair price and it is still an affordable place to buy for buyers."