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Here is another interesting Wellington real estate related news article that we thought may provide you with helpful information.
New Zealand’s ‘more affordable’ main centres, particularly the wider Wellington region and Dunedin, continue to show a strong rate of growth in a cooling market. The wider Wellington region, with quarterly growth of 4.0%, continues to see values steadily increase as buyers continue to be attracted to the more affordable outer city areas such as Porirua and the Hutt Valley.
The latest QV House Price Index shows nationwide residential property values have increased steadily over the past year by 3.5% and by 1.3% in the three months to November. The nationwide average value is now $681,545.
Values across the whole Wellington Region rose 8.1% in the year to November and increased 4.0% over the past quarter and the average value is now $685,387.
Wellington City values increased 7.4% year on year and by 3.5% over the past three months and the average value there is now $805,442.
Values in Upper Hutt rose 8.8% year on year and 2.4% over the past three months; Lower Hutt rose 9.2% year on year and 5.8% over the past quarter; Porirua rose 9.3% year on year 4.6% over the past quarter. The Kapiti Coast rose 6.5% year on year and 2.2% over the past three months.
QV Wellington Senior Consultant, David Cornford said: “Record low interest rates and low levels of inventory are underpinning moderate value growth, particularly at the low-to-mid priced section of the market.”
“The recently announced…………..
Continue reading this article at the original source from Scoop Wellington
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