Property values in Tauranga are staying steady, with QV reporting a slight drop in value in July on the same month last year.
The city’s property values were 1.7 per cent lower than last July, QV’s Residential Price Index for July showed.
Shayne Donovan-Grammer of QV Valuations said there had been no significant changes to the Tauranga market in the past two months.
But feedback from real estate agents indicated there was a shortage of “tidy” homes for sale that were centrally located in the lower to mid value category, he said.
QV is also seeing an increase in first-home buyers.
“They are encouraged by the continuation of low interest rates, a relaxing of credit criteria and the odd seller more than willing to compromise,” Mr Donovan-Grammer said.
“Second-home buyers and investors are more reluctant to enter the market with many not having the appetite to take on more debt in what is a constrained market.”
There were some “good buys” available for buyers prepared to put in the leg work, he said.
QV’s Residential Price Index is calculated using sales data from the three months leading up to the month being reported.
It is not the same as the average sales price, which fluctuates in line with the mix of properties selling in upper or lower price brackets.
The average sales price for Tauranga in July was $432,461.
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