Wellington property values up 2.4%; insurance costs affecting apartment living

Press Release – Quotable Value New Zealand
The latest monthly property value index shows that nationwide residential values continued to climb in October. Values are up 1.9% over the past three months and 5.7% over the past year. Values in the Wellington area increased for the second month in a row after being stable for the previous six months and as a result are now 2.4% up over the past year.

QV Valuer Kerry Buckeridge said “A late spring rush has seen a number of properties which have sat over winter finding buyers in recent weeks.

“There is good interest in the southern and eastern suburbs as well as increased listings within the top end of the market. However, although more highly priced properties are coming onto the market, few sales are actually eventuating. Generally the increased interest is not translating to increased values.

“Apartment living is still being affected with a wide variance in Body Corporate levies between various apartment blocks becoming apparent.

“This is being driven mainly by insurance costs, especially with some buildings built on reclaimed land or having low earthquake ratings seeing higher premiums” said Kerry Buckeridge.

Content Sourced from scoop.co.nz
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