The median number of days to sell decreased by 3 days compared to August 2019 and stayed the
same compared to September 2018. The current number of days to sell of 30 days is less than the
10 year average for September of 33 days. The level of inventory in Wellington available for sale
currently sits at eight weeks, the same as in September 2018.
According to the Quotable Value New Zealand news statistics, the latest monthly QV House
Price Index shows that property values in New Zealand remained firm in July with the annual rate
increasing slightly from 2.0% at the end of June to 2.2% at the end of July. The relatively neutral
performance reflects a market which has been gradually slowing since the beginning of 2018, but
remains supported by low inventory and mortgage interest rates. It is important to note that first
home buyers are still a key player in the wider Wellington market, in particular Porirua where
36% of all sales were to this buyer group in the second quarter of the year. Outside the main
centres, the cities with the lower average property values were the best performers over the past
month. While the economy is continuing to slow down and many forecasts are for this to
continue, from a property perspective the outlook is slightly more optimistic. Net migration
remains high, unemployment low and mortgage interest rates are forecasted to stay low for
longer.
The latest REINZ statistics of October 2019 show that the national median house price for
residential properties increased by 6.6% in September to a record high of $597,000, up from
$560,000 in September 2018. For New Zealand excluding Auckland, the median house price
increased by 6.8% to $500,000, up from $468,000 in September 2018. Looking at the country as a
whole, record median house prices were recorded in Manawatu/Wanganui, Southland, Taranaki,
Hawkes Bay and Waikato. Regions to experience a decrease in median house price annually were
West Coast, Northland and Nelson. Median house prices for Auckland increased by 0.2% to
$848, up from $846,000 at the same time last year. Median house prices are lifting as a result of a
number of influences such as the OCR drop back in August which is slowly injecting more
confidence into the market and the continued lack of supply across many parts of the country.
The Wellington region’s median house sale price was up 6.3% on the same time last year to
$640,000 with Wellington City reaching a record median high of $825,000. Sales in the
Wellington region were up 2.8% year on year with sales in Upper Hutt City increasing by 57.5%
from 40 in September 2018 to 63 in September 2019. However, with only 8 weeks worth of
inventory available to the market and a -17.6% decrease in new listings in the region, the demand
for properties close to schools and public transport continues. First home buyers currently make
up around half of the market. Lower Hutt had 103 sales in September 2019 and a median sale
price of $595,000 compared to September 2018 of $565,000 and 108 sales in September 2018.
Upper Hutt had 63 sales in September 2019 with a median price of $565,000 compared to 40
sales with a median price of $538,000 in September 2018.
PREVIOUS SALE/CURRENT OFFER
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115a Normandale Road Normandale Lower Hutt