April saw median prices in Wellington achieve a new record of $730,000. Additionally, Upper Hutt City also achieved a record median price of $650,000. The REINZ House Price Index increased 9.6% year-on-year to sit just under the 3,000 mark at 2,992. Vendor expectations in terms of asking prices remains relatively the same, but there is some anticipation that prices may take a slight fall over the coming months. There have been a few more investor enquiries come through over the last month. On the flipside, there have been less first home buyer enquiries. However, first home buyers should start to make their way back into the market with the temporary removal of LVRs, depending on whether they have lost income or not. There may be more job security for those that live and work in Wellington due to the number of government jobs in the region when compared to other regions which could also see the region recover more quickly than others when it comes to sales volumes.
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Original source REINZ