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The average price for a house anywhere in the Wellington region has cracked $600,000 for the first time, as the capital’s prices continue to rise faster than Auckland’s.
Figures released by QV show values across the region continued to rise, up 21.2 per cent year on year, and 3.4 per cent over the past quarter.
The average value was at $602,230.
Prospective buyers for Wellington city were looking at an average price of $724,176. Prices in Lower Hutt, Upper Hutt, Porirua and the Kapiti Coast were all still accelerating.
While house prices in Auckland and Christchurch had remained stable, Wellington prices were still going up at a steady rate of more than 3 per cent a quarter, QV homevalue registered valuer David Cornford said.
A strong first-home buyer presence at a record level of roughly 32 per cent was driving the market, as was a lack of listings, and low interest rates.
“What we’re seeing is a lot of first-home buyers priced out of the market in Wellington looking to Upper and Lower Hutt and Wairarapa.
“Properties there are more affordable, and people are getting more for their money. That’s why those regions are showing higher growth.”
On a year-on-year basis, the greatest increase was in Porirua, followed by the Hutt Valley.
Buyers were taking a more cautious approach, and there was not the frenzy in the market that there had been in the last half of 2016, Cornford said.
“Prices have been going up at a steady rate for quite a while now.”
All indications suggested values would continue as they were, at least up until the election, which would cause a little uncertainty in the market.
Growth in Wellington, while outstripping other main centres, was slowing, according to senior research analyst at CoreLogic Nick Goodall.
In the past quarter it had been 3.4 per cent, but in September was at 7.1 per cent.
“There is still strength in the market, but it’s not slowing as fast as those other areas.”
The $600,000 peak would be a little bit delayed, and would reflect the market from February and March, Tommy’s real estate agent Nicki Cruickshank said.
“That’s what I would call the top of the market … the market has started to cool down a little bit, prices are steadying now.”
The Wellington market was mainly Wellingtonians moving around as opposed to people from other areas coming in. As listings tightened up, people tended to sit tight, not wanting to sell a house without having anywhere to go.
The market in Wellington was very tight at the moment, with a low amount of listings.
First-time buyers were still strong in the market, Cruickshank said.
Continue reading this article at the original source from Stuff.co.nz
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