Wellington property market running hot

Media Release
9 March 2017

Wellington property market running hot

Tenants aren’t the only ones suffering in the challenging Wellington property market, with prospective home buyers also finding it very tough. The average asking price in the capital rose 2.6 per cent between January and February to a new record of $528,000, according to the latest Trade Me Property Price Index.

Head of Trade Me Property Nigel Jeffries said Wellington had set five record prices over the past six months and was showing no signs of letting up. “We’ve seen massive demand from renters in the region and the for sale market is in a similar boat. There are huge numbers of people looking and the supply of houses for sale just isn’t getting anywhere near that demand, that’s resulted in a surge in the average asking price of almost $60,000 over the past six months, which is more than 12 per cent.”

Mr Jeffries said the Wellington market really started “to come alive” 18 months ago, after a long period of stagnation. “Between January 2008 and January 2015 the average asking price increased by only $10,000, however in the last 18 months it has jumped by more than $100,000.”

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