Another record for "stand out" property prices in Wellington
March was a very strong month for property prices across New Zealand with every region experiencing an annual increase and Wellington and six other regions reaching new records, according to the latest Trade Me Property Price Index. Head of Trade Me Property Nigel Jeffries said the total views on property listings climbed 10 per cent on the year prior and this increased demand was pushing prices north.
Press Release – Trade Me
Mr Jeffries said the national average asking price climbed 6.2 per cent year-on-year to $676,150. March was a solid month right across the country with Wellington ($656,100), Canterbury ($497,000), Bay of Plenty ($649,550), Manawatu/Whanganui ($371,700), Otago ($587,350), Southland ($320,700) and Waikato ($580,650) all hitting new records.
"The Wellington property market continues to be the stand out and contributed significantly to the nation's year-on-year growth in March."
Mr Jeffries said the stellar growth in Wellington continued in March, with the region reaching a new record average asking price at $656,100, up 14.8 per cent on last year when it was $571,650.
"Homeowners in the capital have plenty of reason to smile this month, following an annual asking price increase of almost $85,000.
Mr Jeffries said Masterton has seen a solid annual increase of 18.2 per cent to $423,950, followed by Lower Hutt which was up 13.7 per cent to a record $613,000. Upper Hutt rose 9.6 per cent to $555,400, Porirua lifted 7.7 per cent to $635,150 and property prices in Wellington City climbed 8.5 per cent to an all-time high of $770,200.
"Throughout the Wellington region, both demand and supply increased in March with the number of listings up 6.4 per cent on the year prior while the total number of views were………….
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