Press Release – QV Valuations
Residential property values in the Wellington Region are still showing a slight downward trend down – 0.5% over the past three months, according to the latest QV Residential Price Movement Index. But values across the region are up 0.9% since August last year.
Home values in Wellington City have decreased by 0.2% over the past three months, as have values in Wellington Central and South, down 0.5%. Wellington West is also down 1.0%; while Wellington North and East values have remained the same.
Lower Hutt home values have decreased by 2.1% in the past three months and 1.1% year on year. Upper Hutt has increased 0.9% over the past three months and home values there 0.3% below what they were this time last year.
QV Wellington Registered Valuer, Kerry Buckeridge said, “Home values across the Wellington region as a whole are now 1.3% below the 2007 peak and the Hutt Valley remains well behind.”
“Seven years is a long time not to see any value growth and a key factor is that Wellington does not have population growth to drive demand for homes.”
“Currently there are historically low levels of stock in the market and low interest from buyers. The upcoming election is likely to be a factor and could mean people are holding off making property decisions.”
“The current generation of new home buyers seem to find properties in need of renovation unappealing.”
“A full ‘doer-upper’ can still appeal to seasoned renovators, but some first home buyers seem more likely to purchase a fully-finished apartment, than a standalone home that is in need of some work.”