Wellington Scoop

Going up again: Wgtn house values rise 6.4% in 12 months, more in Hutt Valley

Press Release – QV Valuations
The continued shortage of quality real estate listings, coupled with record low mortgage interest rates have combined to add some zing to the property market over October.

Spring normally brings with it a surge in house listings, but listings are generally down throughout New Zealand. With lower interest rates enabling new buyers to enter the market, competition for limited stock has contributed to the October results.

Values across the Wellington Region rose 6.4% in the year to October and increased 2.4% over the past quarter. The average value is now $730,019. Over the last three months, the region’s modest growth saw Lower Hutt record the highest rate of quarterly growth at 5.4%.

Upper Hutt has seen the strongest annual growth at 15.2%, followed by Lower Hutt at 9.8%, Porirua at 8.5% and then Wellington City trailing on 3.6%.

QV Senior Consultant David Cornford says there is a shortage of property on the market in the Wellington region. “The tight supply combined with the relatively strong local economy, and record low interest rates is resulting in continued upwards pressure on prices.”

Well-presented properties in desirable locations are attracting strong levels of interest and are selling well.

First home buyers remain active and investors have showed renewed interest over the last few months, a result of lower interest rates and the possibility of higher returns due to the strong rental market in Wellington.

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