Upper Hutt property values up by 4.6%, greater growth than Lower Hutt or Wgtn

Press Release – QV Valuations
The latest monthly property value index shows that nationwide residential values for January have increased 9.6% over the past year, and 2.2 over the past three months. This means they are now 12.8% above the previous market peak of late 2007. There are some early signs of improvement in the Wellington market but over the Christmas period the market has been relatively quiet.

Values in Upper Hutt have increased 4.2% since this time last year compared to a 2.6% increase in Lower Hutt.

QV Valuer, Pieter Geill said, “There are now more listings coming on the market in Lower Hutt than Upper Hutt and open homes in Lower Hutt have reportedly had up to 15 to 20 people through however this has not yet resulted in a significant change in values.”

“There is a noticeable movement from buyers who are widening their search out of Wellington city looking for more affordable homes in outlying areas and this is creating more demand.”

Wellington West saw an annual rise of 3.8% compared to Wellington North, Central and South which were up 2.9% and Wellington City which was up 2.7%.

Full release with charts: QV.co.nz_release__Jan_2014_1.docx

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