Wellington Scoop

Average asking price for Wellington houses falls 1.6 per cent on TradeMe in June

Press Release – Trademe
Winter has cooled property prices across many parts of the country with the national average asking price falling 0.6 per cent on May to $642,050, according to the latest Trade Me Property Price Index.

The average asking price in Wellington stalled in June, falling 1.6 per cent on May to $580,450. “However, with the number of listings on site down 3 per cent on last year and the average number of views on property listings up 7 per cent, we should see the Wellington market bounce back pretty quickly once spring rolls around,” according to head of TradeMe Propertz Nigel Jeffries.

“The most popular property on Trade Me in June was a townhouse in Wellington city which received 44 enquiries in June.”

Mr Jeffries said two of the sunniest regions in the country saw property prices heat up and reach a new record in June. “Hawke’s Bay property prices climbed 22.7 per cent on last year to a new high of $546,300 and in the Nelson/Tasman region the average asking price jumped 10.7 per cent year-on-year to reach a new record at $590,750.”

Otago and Taranaki have both seen a solid increase in demand, according to Mr Jeffries. “The average number of views in listings’ first two days onsite jumped 20 per cent annually in Otago and 33 per cent in Taranaki so it’s a good time to sell if you’ve been considering it.”

“Large houses in Wellington are proving very popular after the average asking price grew 15.5 per cent in the last year to reach $924,800,” Mr Jeffries said. Medium houses (3-4 bedrooms) and small houses (1-2 bedrooms) in the capital also experienced solid annual growth, jumping up 9.5 per cent and 7.8 per cent respectively.

Mr Jeffries said Auckland was feeling the winter chill with large houses down 1.9 per cent, small houses falling 0.4 per cent and medium houses almost stagnant at 0.2 per cent growth year-on-year.

Mr Jeffries said nationally, townhouses and units both reached record average asking prices in June, with townhouses up a solid 8.6 per cent on last year to $623,650 and units up 6.5 per cent to reach $445,950.

“Townhouses in the Super City drove a good chunk of this growth with a 9.1 per cent bump in average asking price to $910,550 and an 8 per cent increase in views in the first two days onsite. In Wellington, the average asking price for a unit increased an eye-watering 21.2 per cent annually to a new high of $377,000,” he added.

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