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Wellington home values up 8.2% in 12 months, even more in Kapiti

Press Release – QV Valuations
The latest monthly QV House Price Index shows nationwide residential property values for March increased 7.3% over the past year which is the fastest rate since June 2017. Values rose 1.2% over the past three months. The nationwide average value is now $677,618.

Values across the Wellington Region rose 8.2% in the year to March and 2.6% over the past quarter and the average value is now $644,567.

Wellington City values increased 7.2% year on year and 1.5% over the past three months and the average value there is now $768,108.

Values in Upper Hutt rose 9.1% year on year and 2.8% over the past three months; Lower Hutt rose 7.2% year on year and 1.5% over the past quarter; Porirua rose 7.4% year on year and 1.6% over the past quarter and the Kapiti Coast saw the greatest annual increase in the region with values there rising 13.8% year on year and 0.7% over the past three months.

QV Wellington Senior Consultant, David Cornford said, “There is still plenty of activity in the Wellington market though value growth continues to slow and it feels like we are starting to enter a period of stable property values after a couple of years of strong growth.”

“There is strong demand for property under the $700K mark and in particular for anything under $500K as first home buyers are a strong presence in the market in suburbs such as Porirua and the Hutt Valley where you can still find homes in this price bracket.”

“First home buyers are very active in the market, particularly in the Hutt Valley and Porirua where many are taking advantage of the Kiwisaver HomeStart grant, capped at $500,000 for existing dwellings and $550,000 for new dwellings. This segment of the market there is particularly strong”.

“Well-presented and located homes continue to attract a good amount of attention and are selling well and there is solid demand for vacant land and new builds.”

“The investor market remains relatively flat due to higher deposit requirements, lower promise of capital growth now prices are stabilising and the Healthy Homes Bill on the horizon”.

Content Sourced from scoop.co.nz
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