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Property prices reach record levels in Wellington, Lower Hutt, Upper Hutt

Press Release – Trade Me Limited
As temperatures warmed in November, so did the New Zealand property market with the national average asking price rising 3.8 per cent on last year to $663,250, according to the latest Trade Me Property Price Index.

“The average asking price in Wellington hit a new high for the third consecutive month in November, climbing 9.4 per cent on last year to $616,700 – that’s a $50,000 increase in 12 months,” said Head of Trade Me Property Nigel Jeffries said.

Wellington City, Lower Hutt and Upper Hutt all reached new records in November. “The average asking price in Wellington City hit $729,260, up 9.8 per cent on last year, while Lower Hutt and Upper Hutt came in at $568,550 (up 6.4 per cent) and $552,950 (up 8.9 per cent) respectively.

“The Wellington property market is yet to see the slowdown in growth that Auckland has experienced over the past 12 to 18 months. Prices in the capital have been steadily increasing since June 2016 and it looks set to stay that way for the foreseeable future.”

Supply is struggling to meet demand in the capital, and the number of properties for sale was down 7 per cent on November last year.

Urban properties popular in Wellington

“Apartments, townhouses and units in Wellington were popular in November with the average asking price climbing 11.5 per cent year-on-year to $493,700. We’re seeing a lot of interest for urban properties in the capital as they are often in a better location, require less maintenance and the mortgage repayments are a little easier to swallow,” Mr Jeffries said.

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