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Nelson House Prices Hit Record Highs

Asking prices for houses in Nelson have soared to record highs according to Trade Me's December property index figures.

Thanks to a 17.6 per cent rise in the past 12 months, the average asking price in Nelson has now rocketed past the half million dollar mark, coming in at $548,450.

Haven Property management manager Jeanette Aspin said she had not seen phenomenal growth like it and did not foresee the demand for houses in Nelson slowing down any time soon.

Trade Me Property head Nigel Jeffries said the property market in the top of the South Island was particularly strong.

Nelson's Summit Real Estate sales manager Ben Nalder said he saw a huge demand from buyers and new subdivisions, mainly in Richmond, provided more options for those looking to buy or build a house.

Infometrics Senior Economist Benje Patterson says rising house prices have lifted incentives to build, as evident by the 16% increase in residential building consents over the past year. The strong level of building activity in the Nelson-Tasman area includes demand for renovations to existing homes as well as those planning new builds.

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