Porirua property prices on the rise

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.