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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 – New Zealand Property Institute
New data shows that the residential value of NZ cities is closing in on $1 trillion. The big jump in value, between 2015 and 2018, is in a new report released by the Property Institute and property market data company Valocity.
In Wellington, the value of residential property rose from around $60,191 billion in 2015 to $88,639 billion in 2018 (47.26%). The most valuable suburb in Wellington is Oriental Bay with a median value of $1.9 million.
The most reasonably priced suburb in Wellington is Timberlea with a median value of $369k.
The Wellington suburb with the biggest movement in value is Moera with an increase of 68% between 2015 and 2018.
The Wellington suburb with the smallest movement in value is Melling with an increase of 19% between 2015 and 2018,
The report shows that the value of residential housing in all the main centres is also up – although the impact of this growth in value is uneven with Tauranga at one extreme with growth of 63.27% and Christchurch at the other extreme with growth of just 11.6% over the 3 years.
In all cases, except Hamilton, price growth in 2017 was the same, or greater than 2016.
Auckland is now worth $469 billion (up from $344 billion in 2015)
Christchurch is now worth over $67 billion (up from around $60 billion in 2015)
Tauranga is now worth over $34 billion (up from around $21 billion in 2015)
Hamilton is now worth around $28 billion (up from around $18 billion in 2015)
Dunedin is now worth almost $17 billion (up from around $12 billion in 2015)
Property Institute of New Zealand Chief Executive Ashley Church says the biggest surprise in the report is the finding that…………..
Continue reading this article at the original source from Scoop Wellington
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