The QV House Price Index for the wider Wellington region continues to rise with home values up 21.2% year on year and 3.7% over the past three months and values are now 30.7% higher than in the previous peak of 2007. The average value across the wider region there is now $595,501.
Wellington City values are up 20.8% year on year and 3.3% over the past three months and the average value there is now $716,613. Porirua values are up the most over the past three months rising a massive 7.1% since January and 25.4% year on year. The average value there is now $511,483. Meanwhile, Upper Hutt values are still accelerating up 26.6% year on year and 4.7% over the past three months. Lower Hutt values are also still rising rapidly up 25.6% year on year and 5.4% since January.
QV homevalue Registered Valuer, David Cornford said, “Values have continued to increase in Wellington on the back of strong buyer demand with value growth remaining fairly consistent at just under 4.0% per quarter.”
“Upper Hutt has seen the largest year on year value growth followed closely by Lower Hutt and Porirua.”
“First home buyers continue to look to these regions as they struggle to secure a home in Wellington City where average values are now over $700,000.”
“First home buyers remain active in the market at record high levels. Investors are also active however some are struggling to secure finance since the introduction of LVR restrictions last year.”
“There is strong demand for new builds and “off plan” purchasers as they are exempt from the LVR restrictions introduced last year and the Wellington City Council recently announced a rates rebate for first home buyers who build new property or purchase off plans.”
“Property values in the Wairarapa towns have continued to see strong value increases above 6.0% over the past three months. The southern Wairarapa towns that are closer to Wellington such as Greytown and Featherston have become an increasingly popular destination for first home buyers who have been priced out of the Wellington market.”
Full Story HERE