Wellington house prices rise 20.4 per cent in 12 months

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Press Release – Quotable Value New Zealand
The latest monthly QV House Price Index shows nationwide residential property values for May increased 9.7% over the past year which is the slowest annual rate in two years. Values rose by 0.4% over the past three months and the nationwide average value is now $634,018 which is 53.0% above the previous market peak of late 2007. When adjusted for inflation the nationwide annual increase drops slightly to 7.4% and values are now 27.8% above the 2007 peak.

Values across the Wellington region rose 20.4% year on year and 3.1% over the past three months and values are now 33.4% higher than in the previous peak of 2007. The average value across the wider region is now $607,907. The Kapiti Coast District saw the highest value growth over the past three months with values rising 4.5%; followed by Wellington City’s Western suburbs where values rose 4.4% over the same period.

QV homevalue Registered Valuer, David Cornford said, “The Wellington market remains buoyant however there are signs that it is losing some steam as winter approaches.”

“There is less market activity, a decrease in the number of sales and less buyer demand compared to the previous 12 months.”

“This has led to the rate of value growth plateauing or even slightly decreasing and some properties which are also taking slightly longer to sell.”

“Good prices are still being achieved however the market is less frantic and properties with undesirable features are now sitting on the market for longer.”

“First home buyers are still active, especially in the Hutt Valley and Porirua and properties under $550,000 are generally selling well.”

“A relatively small number of properties have been taken off the market after the vendor hasn’t achieved the price they were hoping for.”

“Slightly more properties are selling after second attempt campaigns where auctions or tenders have failed to meet the sellers’ expectations. “

“Investors are still in the market however quite a number of them are still struggling to secure finance since the introduction of LVR restrictions last year.”

“Value growth has slowed to 3.1% per quarter; this is less than 2016 where some quarter’s recorded growth of 6.0 to 7.0%.”


Continue reading this article at the original source from Scoop Wellington





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