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First-home buyers were looking to get a foot on the property ladder in April, by taking advantage of record low interest rates and the Reserve Bank scrapping LVR restrictions, according to the latest Trade Me Property Price Index.

Head of Trade Me Property Nigel Jeffries said onsite activity showed younger buyers were browsing significantly more than usual. “Potential first-home buyers were keeping a close eye on the property market at the end of April and beginning of May.”

“In the week following the Reserve Bank’s announcement it was scrapping the 20 per cent home deposit requirement, the number of 18-29-year-olds browsing property on Trade Me skyrocketed by 38 per cent when compared to the same period last year. This is remarkable, especially considering we saw no change in browsing activity from other age groups.”

Wellington region average hits $700,000 for the first time

Property prices in Wellington have continued their year-on-year rise. “The average asking price in the Wellington region in April hit the $700k mark for the first time to reach $700,200 – a 7 per cent jump on April last year, when the price was $652,950.”

Mr Jeffries said property prices increased in all districts within the Wellington region in April, with Carterton and South Wairarapa seeing strong year-on-year growth:

District Average Asking Price (April 2020) Year-on-year change
Wellington Central $817,100 Up 7.1%
Lower Hutt $652,250 Up 6.5%
Upper Hutt $644,150 Up 10.4%
Porirua $721,650 Up 13.8%
Kapiti Coast $647,850 Up 4.7%
Masterton $499,450 Up 20.3%
Carterton $537,000 Up 18.3%
South Wairarapa $631,300 Up 24.5%

News from Trademe

“As we saw in Auckland, the number of properties for sale in the Wellington region was 50 per cent lower than April last year. Interest in the region also dropped in April, with the number of views on properties for sale decreasing 30 per cent when compared to the same month last year.”

Regions see growth nationwide

Every region across the country saw year-on-year price growth in April, with just under half of New Zealand’s fifteen regions seeing new highs. “Auckland, Canterbury, Manawatu/Whanganui, Otago, Wellington and Taranaki broke previous records.”

“The Manawatu/Whanganui region had a strong month in April, with the average asking price reaching $426,850 – up 15 per cent or $55,500 on April last year when the average asking price was $371,300.

“In Southland it was a similar story, with the average asking price at $361,200 in April, up 15 year-on-year from April 2019, when the average asking price was $313,300.”

All types of houses reached record breaking highs across the country last month. “When compared to April 2019, the average asking price for 1-2 bedroom houses were up 11 per cent to $525,150, 3-4 bedroom houses rose 5 per cent to $708,000, and 5+ bedroom houses were up 8 per cent to $1,231,350.

“In Auckland, the average asking price for 1-2 bedroom houses saw a 5 per cent jump to $761,850 and3-4 bedroom houses increased 8 per cent to $992,450 from April last year.

“In Wellington we saw even greater year-on-year growth, with the average asking price for 1-2 bedroom houses rising12 per cent to $577,950, 3-4 bedroom houses up 7 per cent to $732,600, and 5+ bedroom houses up 24 per cent to $1,129,200.”

Mr Jeffries said all urban house types prices across all regions also reached new highs. “The average asking price for apartments reached a record $700,250, while townhouses hit $654,050 and units reached $484,150 for the first time.”

Continue reading this article at the original source from Scoop Wellington





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