Wellington Scoop

Going up again: Wgtn property prices rise 8.7% in a year

Press Release – Trademe
The average asking price for properties in Wellington rose 8.7 per cent or $51,000 on last year to $644,750.

Head of Trade Me Property Nigel Jeffries said property prices in Wellington took off in mid-2016, a few years later than the Auckland market, and have been gaining momentum ever since.

“We’re continuing to see strong price growth across the entire Wellington region which will give homeowners plenty of reasons to smile.”

Mr Jeffries said property prices increased across all districts in the Wellington region in September, with Porirua and South Wairarapa district seeing incredible year-on-year growth.

District Average Asking Price (September 2019) Year-on-year change
Wellington $768,900 Up 9.8%
Lower Hutt $580,050 Up 3.7%
Upper Hutt $572,450 Up 6.3%
Porirua $695,800 Up 14.5%
Kapiti Coast $613,800 Up 8.5%
Masterton $429,850 Up 5.1%
Carterton $478,450 Up 7.7%
South Wairarapa $540,500 Up 12.5%

“What’s driving these big price jumps is both a lack of supply in the region and rising demand. The number of properties for sale in Wellington was down 11 per cent on last year while the average number of views rose 2 per cent.

“Interest for properties in Masterton and South Wairarapa is on the rise after both districts saw listing views increase 15 per cent and 32 per cent on last year respectively.”

Mr Jeffries said all signs are indicating that property prices in Wellington are in for a very hot summer.

Mixed bag in the region

“Property prices in five regions hit new highs in September after all but two regions saw year-on-year growth. The average asking price in Manawatu/Whanganui, Nelson/Tasman, Otago, Southland, Waikato broke records in September while average asking prices in West Coast and Auckland dipped.”

“The national average asking price remained relatively stable year-on-year after a 0.7 per cent increase to $650,050.”

Mr Jeffries said there was a solid increase in demand for properties across the country in September with listing views climbing 7 per cent on last year. Stock, on the other hand, was down 12 per cent on last year.

“Outside Auckland, townhouses and units hit a new high in terms of average asking price in September.”

“The average asking price for large houses in Wellington and Christchurch reached a new high after climbing 8.4 per cent and 23.3 per cent year-on-year. This is the first time large houses in Christchurch have cracked the million dollar mark with an average asking price of $1,001,550.”

Mr Jeffries said all house sizes in Auckland saw an annual dip in average asking price.

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