Ray White Now New Zealand - October Edition - Page 13

WELLINGTON
Residential house prices increased by 1.5 per cent across the greater Wellington region in September , an increase of 0.8 per cent since August ’ s QV House Price Index .
Only two districts performed better than average in September − the Kapiti Coast , where house prices increased by an average of 2.7 per cent , and Hutt City , which crossed the $ 1m average house price threshold for the first time with a monthly rate of growth of 1.8 per cent .
Hutt City is also the district with the biggest annual house price increase at 36.5 per cent , which QV senior consultant David Cornford said can be attributed to Lower Hutt ’ s lower price point , with buyers continuing to be priced out of the central Wellington market .
“ Values continued to increase in the Wellington region over September , with the Delta lockdown having little impact on the market ,” he said . “ While still trending upwards , value growth is slowing generally and anecdotally we have had reports of fewer offers being received and more conditional offers being made .
“ But there remains a very healthy level of demand in the market overall , particularly for new builds and we are seeing new developments coming to the market frequently . These have strong appeal to both first-home buyers and investors .”
Mr Cornford said developers were active in the market − particularly in the Hutt Valley − and homes with 700sqm plus of land were being actively sought , particularly if close to a railway station or medium-density zoned .
“ While some new stock has come to the market in recent weeks , listings throughout the region remain very low and it ’ s this low level of stock which continues to support value growth in the Wellington region ,” he added .
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