APRIL // 2019
Newsletter Harcourts Team Group Team Group Realty Limited Licensed Agent REAA 2008
Wellington hits new record while property prices cool in Auckland Source: Trademe Property - 25 March 2019 February was yet another strong month for the Wellington property market with the average asking price reaching an all time high of $638,000, up 13.5 per cent or $75,000 on last year, according to the latest Trade Me Property Price Index.
URBAN PROPERTIES IN WELLINGTON SOAR “Apartments, townhouses and units in the Wellington region saw some incredible year-on-year growth in February, with the average asking price soaring 25 per cent.”
Trade Me Property’s Aaron Clancy said property prices in Wellington have experienced “phenomenal” growth since early 2018 and are expected to continue. “While homeowners will be happy, those trying to get a foot on the first rung of the Wellington property ladder will be finding it that much harder.”
Mr Clancy said Wellingtonian buyers were favouring urban properties as house prices increased, with strong doubledigit growth across apartments, townhouses and units in the region.
“The average asking price rose across region in February with property prices in Upper Hutt (up 11.7 per cent to $558,100), Lower Hutt (up 7.5 per cent to $581,300) and Masterton (climbing 13.6 per cent to $428,000) reaching record highs. Wellington Central (up 7 per cent on last year to $741,800), Carterton (up 20.7 per cent to $454,550) and Porirua (up 9.7 per cent $ 630,900) also saw strong year-onyear growth. “A lack of supply is driving these record-breaking property prices with the number of properties for sale down 4 per cent on the year prior which is making it tough for prospective buyers in the region.”
“These types of properties require a smaller deposit and less maintenance than a house which is why they are popular in the current hot Wellington property market.”
ALL URBAN PROPERTY
APARTMENTS
NEW ZEALAND
WELLINGTON
$574,200
$530,500
7.6%
24.8%
$667,300
$551,350
13.6%
15.5%
$631,600
$611,150
7.8%
28.2%
$436,200
$402,300
0.7%
20.4%
Annual Change in Property Price Index: Wellington TOWNHOUSES Property prices have increased
13.5% Compared to last year
UNITS
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