Wellington Property Prices Reach New Record

WELLINGTON CITY & SUBURBS - APRIL 2018

109a Golf Road Paraparauma Beach was sold recently by Chris Day for $1,125,000, way above the happy vendor’s expectation. Wellington property prices reach new record Property prices in Wellington climbed another 1.7 per higher than in February and 5.8 per higher than last year to reach a new record of $571,850, according to Trade Me’s Property Price Index.

While house prices outside of New Zealand’s three largest cities have hit included, average house prices rose 1.7 per cent in March comparted “the half-a-million-dollar mark for the first time”, Trade Me said. to a month earlier to hit $636,650. The average asking price for a home in the regions climbed 6.8 per cent In Auckland, the average asking price stalled for a second consecutive on last year to hit $502,950, Trade Me’s Property Price Index has found. month in March, falling 0.7 per cent on last year to $912,500. “While the dip in the Auckland housing market has been making However, “while prices in the provinces have been running hot, buyer headlines, our property market is still very strong outside the overheated demand across New Zealand appears to be cooling off”, Mr Jeffries market in the Super City,” Trade Me head of property Nigel Jeffries said said. recently. “The average number of views on property listings Strong double-digit growth in Hawke’s Bay, Whanganui and was down 1.6 per cent on March 2017, and this drop Marlborough had driven the increase in average prices, he said. in demand may be an indication that buyers are When the main cities of Auckland, Wellington and Christchurch were retreating out of the market.”

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[email protected] | chrisday.co.nz | 021 950 717