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It’s a record: average value for Wellington homes rises to $602,000

Press Release – Quotable Value New Zealand
The average value for Wellington residential properties now tops $600,000 as the capital’s housing market continues to rise faster than Auckland.

This is shown in the latest monthly QV House Price Index, which also shows that nationwide residential property values for April increased 11.1% over the past year, which is the slowest annual rate of growth since July 2015.

Wellington

The QV House Price Index shows values across the Wellington region continued to rise – up 21.2% year on year and 3.4% over the past three months and values are now 32.2% higher than in the previous peak of 2007. The average value across the wider region is $602,230.

Wellington City values rose strongly over the past year up 20.8% and 3.1% over the past three months and the average value there is now $724,176. The Hutt Valley is still accelerating with Lower Hutt values up 25.1% year on year and 4.3% since February; Upper Hutt is up 26.6% year on year and 2.8% over the past three months. Porirua values are up the most over the past three months rising 5.5% since February and 24.4% year on year. The average value there is now $510,853. Meanwhile, values on the Kapiti Coast are also continuing to rise up 20.9% year on year and 1.8% over the past three months.

QV homevalue Registered Valuer, David Cornford said, “Value growth has remained fairly consistent over the past month and Porirua has again seen the greatest value growth in the region, followed by Upper and Lower Hutt.”

Value growth in these areas is supported by a strong first home buyer presence in the market while the Wellington City has market has slowed slightly as first home buyers continue to turn to Porirua and the Hutt valley as they provide a more affordable option.”

“The number of listings has increased and this is providing buyers with more choice which has taken some of the heat out of the market. Also, investors requiring finance are less active in the Wellington city market since the introduction of LVR restrictions last year due to the higher deposit required.”

“This has resulted in the average number of days to sell increasing and more buyers are now placing conditions on contracts.”

“On the Kapiti Coast, good sale prices are still being achieved across the region with the largest percentage increases occurring in Waikanae Beach and Otaki.”

“There are good turnouts at home homes with a large proportion of interest coming from outside the region, in particular Wellington and the Hutt Valley.”

“The market for investors on the Kapiti Coast remains strong despite the introduction of higher deposit requirements.”

“Strong demand and high sale numbers for the Wairarapa region is also resulting in values continuing to rise there and there are now fewer entry level Wairarapa properties, favoured by investors and first home buyers, available and agents are being rushed off their feet with lots of quick sales occurring.”

The full set of QV House Price Index statistics for all New Zealand for April can be downloaded by clicking QV House Price Index (HPI) for April 2017“>this link.

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1 comment:

  1. Grant Robertson, 3. May 2017, 16:15

    A 20% increase in house prices in one year in Wgtn is unsustainable. Being pushed up by speculators. Need a change: our comprehensive housing package. [via twitter]

     

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