Nelson house prices have cracked the $600,000 mark, continuing to grow despite a slowdown in other parts of the country.
Figures from Quotable Value show residential property values in Nelson are averaging $609,985 in January, an increase of 3.2 per cent over the past quarter, and 9.2 per cent since January 2018.
Growth in the Tasman region has been somewhat slower, with increases of 1.4 per cent over the past quarter and 5.6 per cent over the past year.
The average house price is still close to those in Nelson however, now sitting at $592,575.
QV Nelson property consultant Craig Russell said 2019 prices would be influenced by low interest rates, central government legislation largely affecting investors, and a continuation of a strong construction sector.
Russell said during the summer months, holiday spots such as Mapua and Kaiteriteri were generally more active due to the amount of holiday makers coming to the region.
"The market remains dynamic, with values up over the past three months.
"First home buyers continue to be active in the market with good demand up to $550,000 for well-located family homes."
Nelson house prices have increased by 3.2 per cent over the past quarter to January 2019.
Prices in the Nelson/Tasman area still hover below the national average, which currently stands at $684,468.
Across the country, there has been a slowdown in the growth of house prices, with yearly growth at 2.9 per cent and quarterly growth at 0.9 per cent.
In Auckland, where average prices are just over $1 million, growth has been -0.9 per cent in the past year.
QV Senior Consultant Paul McCorry said the latest figures reflected what was being observed across the housing market.
McCorry said affordability constraints and low supply had resulted in modest value growth across most areas.
"While the loosening the LVR restrictions will have enabled some new buyers to enter the market, this has been offset by a number of policy changes – both confirmed and anticipated – that has put a dampener on investor enthusiasm in the short term.
"It's likely many investors are taking a 'wait and see' approach; they're holding off buying or selling until key policy changes, such as the Capital Gains Tax, gets debated in government in the coming weeks."