Wellington Scoop

Dip in housing prices, but apartment prices keep rising

Press Release – Trademe
Property prices in Wellington followed the seasonal trend and dipped in December, with the average asking price falling 1.6 per cent on November to $606,900.

Demand for property in the capital was low in December as many Wellingtonians headed away for the break.

The average number of views on Wellington properties fell 35 per cent on November but we expect to see Wellington property prices bounce back and continue their upward trend in 2019.

The Capital’s market was very hot all 2018 and we expect to see that trend continue now that the city is waking back up after it’s summer break.

The average asking price in Auckland hardly budged in December at $943,100, after a modest 0.1 per cent year-on-year increase on December 2017. The Auckland market began to slow towards the end of 2018 and it could be a sign that property prices in the region have reached their peak for now.

Wellingtonians are favouring apartments, townhouses and units, with the average asking price for an urban property in the capital rising almost 13 per cent to $501,450 in December.

Like smaller houses, urban properties are ideal for investors and first home buyers. Typically they require less maintenance, they’re in a good location close to the city and they’re cheaper than a medium or large house in the region.

Content Sourced from scoop.co.nz
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