Wellington Scoop

Average house asking prices have dropped, but records are still being set

News from Trade Me
The New Zealand property market remained almost static in February after the national average asking price fell 0.6 per cent in January to $626,050, according to the latest Trade Me Property Price Index. Wellington was leading the way and it was the first time in five months that property prices had cooled in the capital after a “pretty hot” few months.

“Typically we see prices spike in February, but 2018 has bucked the trend after the average asking price in Wellington fell just over 1 per cent on last month and landed at $562,250,” said Head of Trade Me Property Nigel Jeffries.

“Buyers in Wellington will be smiling through gritted teeth with a dip in asking prices and a 4 per cent increase in the number of properties for sale. It’s a nice change for first home buyers after months of little stock and record asking prices.

“However, it doesn’t look like prices will drop much further. We’re still seeing fierce demand for properties in the capital with the number of views up 10 per cent on last year,” he added.

Mr Jeffries said large houses (5+ bedrooms) in Wellington reached a record asking price in February of $1,003,000 following a solid annual increase of 27.6 per cent.

“Small houses (1-2 bedrooms) in the capital also hit a new high in February, climbing a hefty 20.2 per cent to $478,650.

Townhouses and apartments in Wellington experienced a steady increase on last February, climbing 5.9 and 6.4 per cent respectively.