Going up: more record house prices

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Here is another interesting Wellington real estate related news article that we thought may provide you with helpful information.


 

Press Release – REINZ
The median house price for New Zealand rose 1.8% in March to reach a new record high of $560,000 up from $550,000 in March 2017 according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand.

Median prices for New Zealand excluding Auckland increased by 6.2% year-on-year to a record high of $460,000.

Additionally, three regions achieved record prices:

• Gisborne – up 17.9% to $330,000 (up from $280,000)
• Hawke’s Bay – up 11.7% to $445,000 (up from $398,500)
• Wellington – up 10.0% to $583,000 (up from $530,000).

Bindi Norwell, Chief Executive at REINZ says: “As New Zealand’s second largest city, Wellington continues to shine as an attractive place to live with much of the growth being driven by areas outside Wellington’s CBD including South Wairarapa’s Martinborough Ward (+57.4%), Porirua’s Eastern Ward (+48.0%), Carterton District Ward (+27.3%) and Upper Hutt City Ward (+25.6%).”

Volumes down for March

The number of properties sold in March across New Zealand fell by 9.9% when compared to the same time last year with 7,768 properties sold in comparison to 8,622 in March 2017 which saw the highest month for sales volume in 2017.

“Volumes were down across the country 9.9% year-on-year and while at face value this looks like a low number, however, March 2017 was an extremely strong month in terms of the number of properties sold. March 2017 saw the highest number of properties sold of any month in 2017. Whilst the seasonally adjusted figure was also down by 7.8% year-on-year, this is just one month’s worth of data following two solid months of sales, so we’re not overly concerned about this month’s volume,” says Norwell.

“Again, we’ve seen a number of the regions post stronger results than some of the major centres, highlighting the buoyant economies in these areas,” she concludes.

REINZ House Price Index (HPI)

The REINZ House Price Index for New Zealand, which measures the changing value of property in the market, increased 4.2% year-on-year to 2,710 – a new record high. The HPI for New Zealand excluding Auckland increased 7.2% from March 2017 to a new high of 2,546 and Auckland’s HPI increased 1.0% to a new high of 2,909 for the same period.

The REINZ HPI showed that 10 out of 12 regions experienced an increase in their HPI and all of those 10 regions saw a new high in March, highlighting the strength of the property market.

Regions with the highest growth year-on-year were Gisborne/Hawke’s Bay +14.1%, Manawatu/Wanganui and Southland both on +11.4%, and Tasman/Nelson/Marlborough/West Coast up by 10.1%.

Days to sell

The median number of days to sell a property nationally increased by……….

Continue reading this article at the original source from Scoop Wellington

 

 

 

 

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2018-05-17T17:09:26+00:00