“Wellington experienced saw a 10.6% increase in median prices to $696,800 compared to the same time last year. Additionally, the Kapiti Coast saw a record high of $695,000, up from its last record in December 2019 when it achieved a median price of $675,000. Wellington also had their highest July sales count (764) since July 2007. Many of the buyers on the market are local buyers looking for a permanent home with approximately 20% looking at rental investments. The desirability of the Wairarapa and the Kapiti Coast has increased in the last couple of months. The increase in interest has likely come after many people are looking to move out of Wellington for the lifestyle, especially after the COVID-19 working-from-home trend. Over the coming months there is likely to be cautious optimism in the market with COVID-19, the election time and the end of the wage subsidy.”
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