Press Release – Quotable Value New Zealand
The Wellington property market is continuing its gentle upward trajectory with house prices in the region increasing 2.9% since February last year, and increase of 1.3% in the last three months.
Wellington West and East values showed small 1.4% increases over the past three months, Wellington North was up 1.6%, Wellington Central and South rose 0.9%.
Values in Upper Hutt were steady at a 0.3% rise over the past three months and Lower Hutt was up 1.2% for the same period.
QV Valuer, Kerry Buckeridge said, “We have seen a significant increase in the number of properties for sale and buyers now have a lot more choice.”
“Certain properties such as well presented, inner city character two bedroom properties are selling quickly for seriously good prices, while others are taking longer to sell,” he said.
“Developers are still reasonably confident about the central city and inner suburbs with a number of good quality apartment and townhouse developments either in the pipeline or underway as these are in high demand by inner city professionals and are commanding good rentals.”
The latest monthly property value index shows that nationwide residential values for February have increased 9.3% over the past year, and 1.8% over the past three months. This means they are now 13.1% above the previous market peak of late 2007. When adjusted for inflation the nationwide annual increase drops slightly to 7.5% and values remain below the 2007 peak by -2.6%.