Wellington house prices up 2.8% in year; drop in Porirua and U.Hutt

Press Release - QV Valuations
The latest monthly property value index shows that nationwide residential values for March have increased 8.8% over the past year, and 0.1% over the past three months. They are now 12.6% above the previous market peak of late 2007. When adjusted for inflation the nationwide annual increase drops slightly to 7.0% and values remain below the 2007 peak by 2.8%.

The Wellington market remained steady with house prices in the region up by 2.8% year on year, and 0.7% in the last three months. Wellington West led the value increases in the capital with values up by 2.3% in the past three months. Lower Hutt City, Wellington East and Wellington City also saw increases of 1.6%, 1.2% and 1.0% during the same period.

Values in Upper Hutt City and Porirua City have decreased by 0.5% since December and the Kapiti Coast is down by 0.1%.

QV Valuer Pieter Geill said, “Buyers are more cautious than they were six months ago and are looking for homes where all the work has been done. Properties with compliance issues or title defects are more difficult to sell.”

“There are a lot of listings coming to market so buyers have greater choice and face less pressure to make a purchase decision,” he said.

Full release with local graphs and table QV_release_April_7_2014.pdf

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