Waimarino property prices leap by up to 67 per cent

Ruapehu Bulletin, Volume 13, Issue 599, 15 August 1995, Page 1

Waimarino property prices leap by up to 67 per cent

Waimarino rural property sale prices have gone up by more than half, Ohakune house prices have increased by a third, and Ohakune section prices by two thirds, reported district valuer Mark Johannsen from Valuation New Zealand last week. Ohakune recorded 37 house saies compared with 27 in the previous half year. A strong movement in values has occurred with an average 33 per cent increase over September 1993 levels. The average sale price was $82,850 compared with $70,604 in the previous half year. Thirty vacant residential sites sold for an average price of $23,800, an average increase of 67 per cent. Raetihi to wnship recorded 1 0 house saies averaging four per cent above 1993 Government Valuation figures. The average price was $59,000 compared to $43,900 in the December half year. Mr Johannsen said saies statistics for the Ruapehu District show that the rural land market is holding at last year's levels. This corresponds with the national trend which shows the number of saies of main farm types in line with the first half of 1994. The national VNZ Rural Price Indexes show that the rate of growth previously seen in the market has slowed down. In the southern part of the district 3 (5 in the December half-year)

pastoral properties sold, averaging a 54 (44%) per cent increase over 1 993 values (December 1994 half year in brackets). In the northern rural area, seven (2) economic units sold for an average price of $739,600 ($843,500) and averaged $2247 ($1987) per hectare and $246 ($208) per stock unit. The prices averaged 38 (42) per cent above the September 1993 Government Valuation. In the total pastoral category, which included non-economic blocks, 15 saies were received, averaging a 36 per cent increase. This compares with eight saies showing a 40 per cent increase in the previous half year. Fifteen (11) improved lifestyle properties changed hands, averaging a 27 per cent (14%) increase over 1993 values. In Taumarunui 29 house saies were recorded, averaging four per cent below September 1993 Government Valuations. There were 44 saies showing a one per cent increase in the previous half year. The average sale price was $54,000. Nationally, residential property saies figures for the six months ended June 1995 show a continuing trend of slightly fewer houses being sold in many parts of the country. In spite of this, prices realised have generally risen on average. This has had the result of maintaining a rising VNZ House Price Index.