Wellington property market hot with buyers looking further afield

Wellington region is remaining a hot place for property buyers, with many looking in traditionally quieter areas of the region, while Auckland sales continue falling below the$1 million dollar mark.

Source: 1 NEWS

The Wellington property market remained strong last month after the average asking price rose 14.3 per cent, or $81,000, year-on-year to $652,950, the Trade Me Property Price Index shows.

With growing house prices in Wellington City, Head of Trade Me Property Nigel Jeffries says property prices in the region have "gone from strength-to-strength" the past few years. The region hasn't dipped since 2015.

Data shows traditionally quieter areas on the rise in popularity with property prices in the Hutt Valley and Masterton seeing the largest annual growth.

Upper Hutt reached a new record last month after climbing 12.8 per cent to $583,650, and the asking price in Lower hutt jumped 13.9 per cent to $612,500. Masterton was up 16.4 per cent to $415,200.

In Wellington City the average asking price was up 8.6 per cent on last year to $762,850, while Porirua saw a 5.7 per cent increase to $634,150.

Mr Jeffries said, "Wellington has been the country's quiet achiever, with Auckland hogging the headlines Wellington's property market has been increasing considerably in the background."

With the OCR cut, record low interest rates and CGT off the table, a boost for the housing market and we will likely see more buyers in the second half of 2019 is expected, he said.

Meanwhile, property prices in Auckland fell for the first time in nine months, down 0.5 per cent to $925,800 last month.

Waikato was the only region to hit a new high in April, with the average asking price climbing 6.8 per cent to $587,450.

Apartments have been the hot favourite for buyers recently, and saw a 12.3 per cent increase in the national average asking price to reach a new record of $679,050.