“May saw prices in Wellington increase 9.3% to $677,510, echoing the strength of the region. Wellington City saw a median price record of $830,000, up from the last record of $820,000 achieved last year in October 2019. There have been a few investors who have made their way back into the market again looking for bargains, however, prices have been holding. First home buyers who have had pre-approvals prior to lockdown have a sense of urgency to purchase in case their pre-approvals expire, as they must start the process again. A few expats have started to register their interest and are looking to return home and buy in the region. Over the coming months it is expected to continue to remain busy and then slow down as we approach the typical winter months.”

REINZ Monthly Property Report – May 2020-compressed

 

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