Hornby, Hei Hei property booming
Property values in Hornby, Hei Hei and Islington are booming as job opportunities draw more people into the area.
New valuations for properties in the once blue-collar suburbs show their worth has increased by an average of 29 per cent since the previous official valuation was done, in August 2007.
Kevin McKay, who owns Hornby-based Harcourts Four Seasons, said since the earthquakes the area had become very popular with first-home buyers and young families, because of job opportunities.
"The huge growth in employment is dragging a lot of people out to this side of town," McKay said.
He had long viewed Hornby as undervalued and the 2007 valuations had not reflected prices properties were fetching.
It is different in Akaroa, where values have dropped by an average of 9 per cent.
Real estate agent Andy Freeman said the drop in capital values in Akaroa was not altogether surprising because when the valuations were done it was at the height of the coastal property boom.
The decline made it a great time to invest in property in Akaroa because prices were the lowest they had been for some time.