Press Release – QV Valuations
Residential property values across the Wellington region rose 10.2% in the year to October and increased 2.9% over the past quarter and the average value is now $672,701.
Wellington City values increased 9.6% year on year and by 3.9% over the past three months and the average value there is now $809,739.
Meanwhile, values in Upper Hutt rose 6.2% year on year and 0.9% over the past three months; Lower Hutt rose 3.6% year on year and 0.3% over the past quarter; Porirua rose 8.3% year on year and 2.4% over the past quarter. Finally, the Kapiti Coast rose 7.1% year on year and 0.6% over the past three months.
QV Wellington Senior Consultant, David Cornford said, “Many areas across the region have seen a sharper rate of growth compared to recent months.”
“New listings have increased recently although the total numbers of listings are similar to this time last year. This low level of supply means values are either staying flat or increasing particularly in Wellington and Porirua City.”
“The warmer weather, a low interest rate environment, tight supply and a desire from buyers to get settled before Christmas, has all combined to support modest value growth recently.“
“The more affordable northern Wellington suburbs continue to be standout performers with 5.2% growth recorded over the last three months, which highlights the influence of first home buyers and investors in these areas. Multiple offers on those properties priced under $700,000 continue to be the norm, unless the property has limiting or detrimental features.”
“There also continues to be a shortage of rental accommodation in the Wellington region and a significant number of mature investors have offloaded their rental properties, capitalising on strong values seen over the last two years.”