Waimarino property prices climb

Ruapehu Bulletin, Volume 13, Issue 624, 20 February 1996, Page 1

Waimarino property prices climb

Property saies in the Waimarino continue to show a strong upward trend in the rural market and Ohakune urban saies, reports Valuation New Zealand managing district valuer, Mark Johannsen. In the Waimarino rural area five (3) pastoral properties sold, averaging a 79 per cent (54 per cent) increase over 1993 values (June half-year figures in brackets). Nationally the number of farm unit saies has been significantly lower in 1995 than the same period in the previous year. However prices appeared to be still rising in some of the main categories. The national VNZ Total Rural Price

Index recorded a modest 1 per cent increase in the second half of 1995. Ohakune recorded 20 house saies compared with 37 in the previous half year. The increase on the September 1993 valuations of 29 per cent is consistent with the previous half year as was the average price of $83,860. Twenty six vacant sites sold at an average price of $31,343, an average increase of 89 per cent on September 1993 Govemment Valuations. Raetihi township recorded 12 house saies averaging three per cent above 1 993 Government V aluation. The average price was $47,000 compared to $59,000 in the previous half year.

Nationally, residential property saies figures for the six months ending December 1995 show that the housing market remained relatively steady, with no large fluctuations in the number of houses sold, nor in the average prices being paid for them. The net effect is that the VNZ House Price Index had a modest increase of 4.1 per cent nationally. In the Taumarunui rural area, two (7) economic units sold for an average price of $792,500 ($739,500) and averaged $2096 ($2247) per hectare and $226 ($246) per stock unit. The prices average 27 (38) per cent above the September 1 993 Government Valuation. In the total pastoral category, which included

non-economic blocks, 13 saies were received averaging a 26 per cent increase. This compares with 15 saies showing a 36 per cent increase in the previous half year. Eight (15) improved lifestyle properties changed hands, averaging an 18 per cent (27 per cent) increase over 1993 values. In Taumarunui 83 house saies were recorded, averaging 10 per cent above 1993 valuations. The average sale price was $49,000. In the previous half year, 29 saies averaging a four per cent decrease on Government Valuations were recorded. The figures for the December period were distorted by the sale of a large portfolio of properties.