In the last few months, there has been a considerable rise in wellington’s residential
property values. It is still categorized by watchful buyers. In the last 3 months, National
property value rose by 1.1% and also gained around 2.9% over the last year. In fact, values are
presently 2.9% below the market peak. Also, there has been a considerable rise in the market
activity over the last few months that are distinctive for the present period. According to Janna
Ingerson, QV Research Director, still, there are property shortages for sale in few areas and
buyers are careful and cautious.
The QV figures came after the wellington Real Estate Institute figures. The institute figures showed that
home sales increased by 39% in the month of February with a caution note that there remains a
listings shortage. Moreover, in Auckland, residential wellington property values rose by 1.7% over the last
few months and were around 4.9% in the end, holding its place as a fastest rising main centre.
The rise in New Zealand’s residential property values was obvious as even in Hamilton the
values rose by 0.9%. Whereas in Taranga it increased by 1%.
In Wellington, the residential property values have not changed reflecting a fall in the 1st 6
months and a bounce back in the 2nd 6-month period. The prices in wellington were tautening
and listings are on rise. Buyers are being alert particularly with the restricting of public sector
and its impact on job safety in the arena. Furthermore, property values in the area Christ church
increased by 4% in the last few years and was at peak in the year 2007. In Dunedin, the value
increased by 2.3% over the last few years.