We strive to keep Wellington property owners up to date with the latest property information.
Here is another interesting Wellington real estate related news article that we thought may provide you with helpful information.
Press Release – QV Valuations
The latest QV House Price Index shows nationwide residential property values have increased steadily over the past year by 3.0% and by 0.7% in the three months to February. The nationwide average value is now $686,050.
QV General Manager, David Nagel said: “We’re seeing some interesting trends at the suburb level, where affordability constraints are seeing values slow in many higher value areas. For example, the wider Wellington region continues to see a general slowdown in the rate of growth and it’s the more affordable areas, such as Upper Hutt, which are seeing some of the highest rates of growth as first home buyers and investors seek value for money.”
Values across the whole Wellington Region rose 8.6% in the year to February and increased 2.0% over the past quarter and the average value is now $699,183.
Wellington City values increased 7.9% year on year and by 2.3% over the past three months and the average value there is now $824,029. Meanwhile, values in Upper Hutt rose 13.9% year on year and 5.7% over the past three months; Lower Hutt rose 9.1% year on year and by 0.4% over the past quarter; Porirua rose 8.1% year on year and by 1.0% over the past quarter. Finally, the Kapiti Coast rose 6.9% year on year and 1.9% over the past three months.
QV Wellington Senior Consultant David Cornford said: “There continues to be steady demand in the Wellington region and value growth is still evident at the lower-to-mid section of the market.”
“The affordable areas, in particular Wainuiomata, Naenae, Taita, Porirua East and parts of Upper Hutt, continue to see the greatest value growth in the region, with semi-detached flats are proving popular with first home buyers and investors.”
“Supply is still very limited and this, combined with low interest rates, is underpinning strong property prices in the region.”
“Properties priced in the……….
Continue reading this article at the original source from Scoop Wellington
Own property in Wellington? Get our Free Halina Sells Houses e-Newsletter HERE