House prices

PHOTO: The latest Quotable Value (QV) Quartile Index shows house prices rising in the lower end of the market (file image). Photo: Unsplash / Nick Sarvari

New housing price figures show the average price of entry-level houses in Ruapehu has increased by more than 70 percent in the last year.

The latest Quotable Value (QV) Quartile Index showed the rise in the central North Island district was by far the largest price increase for homes in this bracket of anywhere in the country.

The next biggest jumps were in Buller, where there was a 55 percent increase, and in Southland, where the increase was 47 percent.

In the main centres, the biggest increases were in Hutt City, Napier and Palmerston North.

Increases in those areas were between 30 and 35 percent.

The QV statement on the latest index said of the main centres, the five biggest price increases in the last 12 months all occurred in homes at the lower end of the market, i.e. the least expensive quarter.

QV went so far as to say the data showed “precisely how difficult it has become since lockdown for Kiwis to take their first step on the property ladder”.