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Average value of Wellington houses rises to $756,000, up 9.1% in a year

Press Release – Quotable Value New Zealand
It was a disparate year for residential property values with a general trend of slowing in the rate of growth due to LVR speed limits, stricter retail bank lending criteria and uncertainty ahead of the election, along with periods of rapid value increases in some areas and decreasing values in others.

Overall the nationwide average shows residential property values increased 6.6% or $41,660 during 2017 from $627,905 in December 2016 to $669,565 in December 2017, according to the latest QV House Price Index statistics.

Wellington City values increased by 9.1% year on year and 3.3% over the past three months. The average value there is now $756,879. Wellington – North is up the most, increasing by 6.2% over the past three months alone and 11.2% in the year to December 2017.

Values across the Wellington Region rose 9.4% or $ 54,040 over the past year from an average value of $574,410 in December 2016 to an average value of $628,450 in December 2017. Values across the region rose 3.6% over the last quarter of 2017.

Upper Hutt is up 11.1% year on year and 2.6% over the past three months; while Lower Hutt rose 11.4% year on year and 1.0% over the past quarter. Porirua rose 13.2% year on year and 3.7% over the past quarter.

The Kapiti Coast is up 13.5% year on year and 3.8% over the past three months.

QV Wellington Senior Consultant David Cornford said: “It was another year of relatively strong value growth throughout the Wellington region however year on year value growth slowed considerably during 2017 compared to 2016.

“Value growth took a breather over the winter months and during the build up to the election however by mid spring market activity had started to pick up and value growth continued.

“A shortage of stock, low interest rates and a relatively strong local economy continues to support a robust property market in the Wellington region.”

“First home buyers had a strong presence in the Wellington market throughout 2017.”

The full set of QV House Price Index statistics for all New Zealand for December can be downloaded by clicking this link: QV House Price Index (HPI) for December 2017.

Content Sourced from scoop.co.nz
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