Property values in Wairoa, held up well after the end of the property boom in 2007, even rising in value through to 2012. However during 2013 and 2014 the market fell markedly. The main reasons for the fall were the population of Wairoa continuing to decline resulting in little competition between buyers. On top of a falling population, the government sold a number of state houses. These homes are generally of lower quality and as such have distorted the median sale price lower, but it has also increased supply, resulting in a real reduction in values. Also, a large portion of buyers in Wairoa were effected by the loan to value ratio rules imposed by the reserve bank, further reducing demand. Thus with an excess of supply and shortage of demand, property values have fallen sharply since 2012. Because the impact of the government selling state houses and the loan to value ratio rules are unlikely to have a lasting impact on the market, it is possible the Wairoa market may experience a modest rebound in values in the next few years.
Our valuers regularly travel to Wairoa to undertake residential and commercial valuations, so are well placed to assist you when you next need a registered valuation in Wairoa.