Going up: Wellington property values increase 8.5% in a year

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Here is another interesting Wellington real estate related news article that we thought may provide you with helpful information.


 

Press Release – QV Valuations
The winter chill has put the brakes on value growth and market activity, but annual growth rates remain solid as key market drivers remain prevalent. Property values across the Wellington region rose 8.5% in the year to August and increased 0.9% over the past quarter. The average value is now $656,676.

Wellington City values increased 7.4% year on year although they dropped by 0.2% over the past three months and the average value there is now $778,386.

Values in Upper Hutt rose 10.5% year on year and 2.7% over the past three months; Lower Hutt rose 4.9% year on year and 1.5% over the past quarter; Porirua rose 7.2% year on year and 0.7% over the past quarter.

The Kapiti Coast rose 8.3% year on year and 0.5% over the past three months.

QV Wellington Senior Consultant, David Cornford said, “Low listings coupled with a record low interest rate environment continues keep values stable.”

“The continued trend of rising rents is also putting pressure on people to purchase property. This is resulting in increased buyer competition, particularly in the low-to-mid priced section of the market in areas such as the Hutt Valley and Porirua where there is a strong presence of first…………

Continue reading this article at the original source from Scoop Wellington

 

 

 

 

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2018-09-14T16:58:26+00:00