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Auckland down, but Wellington property prices up 9.4% in 12 months

Press Release – Trademe
Auckland property prices continued to tumble in July after the average asking price fell 2.2 per cent on last year to $875,450. However according to the latest Trade Me Property Price Index the average asking price in Wellington rose 9.4 per cent year-on-year to $636,250.

Since July 2014 average asking prices in the Wellington region have jumped 54 per cent. It’s not showing any sign of slowing down, with the last two years seeing the most rapid increases. With the spring selling season around the corner we expect to see a flurry of activity in the market and we think more record asking prices are likely in the capital.

Trade Me Property’s Aaron Clancy said while every district saw a solid year-on-year increase, the big movers in Wellington were those just outside the central city.

“Property prices in Porirua and Upper Hutt saw strong double-digit growth in July, with the average asking price jumping 15 and 14.5 per cent respectively.”

District Average Asking Price (July 2019) Year-on-year change
Wellington $760,050 Up 9.0%
Lower Hutt $587,150 Up 7.6%
Upper Hutt $602,900 Up 14.5%
Porirua $704,350 Up 15%
Kapiti Coast $596,850 Up 8.3%
Masterton $418,650 Up 6.0%
Carterton $473,700 Up 5.9%
South Wairarapa $522,950 Up 14.3%

“Some homeowners cashed in in July with 7 per cent more listings onsite than the year prior. Interest in Wellington property listings also remained strong in the middle of winter with the number of views up 7 per cent year-on-year.”

Mixed bag in the regions

“While the national average asking price remained stable in July, rising a modest 0.9 per cent on last year to $638,500, the regions were a mixed bag. Homeowners in Manawatu/Whanganui, Otago and Southland have plenty of reason to smile after all three regions experienced strong double-digit growth and new records. Gisborne was another strong performer with property prices jumping 18 per cent year-on-year to $360,800.

“Taranaki and Auckland, on the other hand, experienced a dip in average asking price,” said Mr Clancy.

Mr Clancy said medium houses (3-4 bedrooms) in Wellington saw the largest increase of any house size, jumping almost 11 per cent on last July to $673,050.

“Townhouses in Wellington rose a solid 17 per cent to a record $629,000 in July thanks to several new developments in the area.

“Overall, urban properties nationwide remained stable in July with the average asking price rising 1.3 per cent to $562,250,” added Mr Clancy.

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