Wellington property values up 2.8% in a year, close to 2007 peak

Press Release – Quotable Value New Zealand
The latest monthly QV Residential Price Movement Index shows that nationwide residential values for April have increased 8.4% over the past year, and 0.2% over the past three months. Values across the Wellington Region are up 0.6 % over the past three months and 2.8% year over the year and are 0.1% below the 2007 peak.

Wellington West is the region’s market leader with values there up 1.4% since February, 4.6% year on year, and 2.5% above the previous peak of 2007. The average value in the area is $607,444 which is also the highest in the Wellington region.

Values in Lower Hutt are up 1.8% over the past three months and 3.6% year on year but remain 3.3% below the 2007 peak while values in Upper Hutt are down by 2.1% since February, up 0.4% since April last year and 4.9% below 2007 levels.

QV Valuer, Kerry Buckeridge said, “Buyers who have been in the market for property for some time are now knuckling down to make some decisions so that they have time to lock in a good interest rate before further rate rises.”

“There is no lack of supply in most of Wellington and the excess of choice often leads to slower decision-making from potential buyers.”

“Sales activity in the Eastern suburbs, previously has been driven in popularity by Peter Jackson and Weta Workshop projects, is currently in a lull with no projects underway however values there are still up 2.1% since April last year.”

“Tenant demand for inner city apartments is high, particularly from people wanting to rent studio and 1-bedroom apartments, with good rentals being obtained and some landlords noting full waiting lists. These apartments are proving capable of generating attractive net returns for investors”

Full Release with more charts & data
http://img.scoop.co.nz/media/pdfs/1405/QV_release_May_8_2014_V1.pdf

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