Wellington Scoop

House prices up 10% in Wellington, 17% in Porirua, 20% in Upper Hutt

Press Release – Trademe
Winter has failed to take the heat out of the New Zealand property market and as temperatures dropped in June property prices rose, according to the latest Trade Me Property Price Index. Wellington continues to be a stand out as property prices in the capital keep rising.

The average asking price in the Wellington region climbed 10.8 per cent on the year prior, or $62,450, to $642,900 with all but one district seeing strong year-on-year growth.

Upper Hutt and Porirua saw incredible growth in June jumping up 20 per cent and 17 per cent respectively on 2018 to reach new records at $613,850 and $686,850.

District Average Asking Price (June 2019) Year-on-year change
Wellington $760,350 +9.5%
Lower Hutt $587,100 +10.5%
Upper Hutt $613,850 +20.2%
Porirua $686,850 +17.2%
Kapiti Coast $597,900 +5.5%
Masterton $398,800 +5.0%
Carterton $460,350 -0.5%
South Wairarapa $573,750 +11.6%

“Wellington simply doesn’t have enough available properties, the demand for housing is pushing prices up and we don’t expect that to change any time soon,” says Head of Trade Me Property Nigel Jeffries.

Large houses (5+ bedrooms) fall
Nationwide, large houses (5+ bedrooms) were the only house size to take a hit in June, falling 1.9 per cent to $1,108,250. Medium houses (3-4 bedrooms) and small houses (1-2) bedrooms hit record high across this country hitting $654,150 and $447,600 respectively. Auckland’s market has softened almost right across the board, all house sizes in the Super City saw a dip in average asking price in June. Large houses in Christchurch were a stand out in June, rising a significant 14.3 per cent year-on-year to $832,950.

Units dip in the three main metros
Across the three main metros, the average asking price for units fell in June. The biggest dip was in Wellington where the average asking price for units fell 13 per cent on last year. Townhouses in Wellington, on the other hand, were up almost 19 per cent with several new townhouse developments likely driving this increase.

Content Sourced from scoop.co.nz
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