Porirua prop­erty prices on the rise

Kapi-Mana News - - NEWS -

There has been a rise in prop­erty prices in Porirua over the past quar­ter, new fig­ures show.

The prop­erty mar­ket in the Wellington re­gion has gen­er­ally been more ac­tive, and ac­cord­ing to Quotable Value’s monthly res­i­den­tial price move­ment in­dex, Wellington has had the largest in­crease in new prop­erty list­ings in the coun­try.

How­ever, prices re­mained stag­nant over win­ter and the av­er­age sell­ing price of houses in Wellington City has in­creased only 0.1 per cent over the past three months.

The av­er­age house price in Wellington City is now $536,332.

House prices in the city are now 0.7 per cent higher than at the peak of the prop­erty boom be­fore the 2007 crash.

Wellington had a higher than ex­pected num­ber of $1 mil­lion­plus houses sell­ing in the last year.

QV valuer Kerry Buck­eridge said that was driven in part by the new up­mar­ket apart­ment de­vel­op­ments at Clyde Quay and Mar­ket Lane.

‘‘Be­tween the two de­vel­op­ments there are ap­prox­i­mately 120 apart­ments. Many of th­ese have sold in the $ 2 mil­lion range, with some units reach­ing well beyond that,’’ he said.

The mar­kets in Up­per Hutt and Porirua also grew, but Lower Hutt de­clined 0.9 per cent to an av­er­age price of $367,293.

Na­tion­ally, price growth has been its slow­est since Oc­to­ber 2012.

The av­er­age house price is now $484,307, a growth of 1.1 per cent over the last quar­ter.

De­spite the slower growth in the last three months, house prices have in­creased 5.9 per cent since last Oc­to­ber and prices in Auck­land con­tinue to grow. The Auck­land mar­ket has in­creased 35.1 per cent since 2007.

QV na­tional spokes­woman An­drea Rush said val­ues were in­creas­ing in main cen­tres.

‘‘ How­ever, home loan ap­proval rates have not in­creased, list­ings are lower than nor­mal for spring, and sales are 12 per cent be­low this time last year,’’ she said.

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