Porirua house prices ris­ing

Kapi-Mana News - - FRONT PAGE -

Porirua house val­ues rose the most in the Welling­ton Re­gion over the last few months.

The lat­est monthly QV House Price In­dex re­vealed Porirua houses rose 5.5 per cent since Fe­bru­ary, and 24.4 per cent year on year.

The av­er­age value is now $510,853.

By com­par­i­son, Welling­ton City val­ues rose 3.1 per cent over the past three months and strongly over the past year up 20.8 per cent and Lower Hutt val­ues rose 4.3 per cent and 25.1 per cent; while Up­per Hutt hopped 2.8 per cent and 26.6 per cent.

QV homevalue Reg­is­tered Valuer David Corn­ford said value growth in those ar­eas was sup­ported by a strong first-home buyer pres­ence. The Welling­ton city mar­ket had slowed slightly as first home buy­ers con­tin­ued to turn to Porirua and the Hutt Val­ley for more af­ford­able op­tions.

"Value growth has re­mained fairly con­sis­tent over the past month and Porirua has again seen the great­est value growth in the re­gion, fol­lowed by Up­per and Lower Hutt. "Strong de­mand and high sale num­bers for the Wairarapa re­gion is also re­sult­ing in val­ues con­tin­u­ing to rise there and there are now fewer en­try level Wairarapa prop­er­ties, favoured by in­vestors and first home buy­ers, avail­able and agents are be­ing rushed off their feet with lots of quick sales oc­cur­ring."

The num­ber of list­ings had in­creased and that was pro­vid­ing buy­ers with more choice which had taken some of the heat out of the mar­ket.

Also, in­vestors re­quir­ing fi­nance were less ac­tive in the Welling­ton city mar­ket since the in­tro­duc­tion of LVR re­stric­tions last year due to the higher de­posit re­quired. "This has re­sulted in the av­er­age num­ber of days to sell in­creas­ing and more buy­ers are now plac­ing con­di­tions on con­tracts. "On the Kapiti Coast, good sale prices are still be­ing achieved across the re­gion with the largest per­cent­age in­creases oc­cur­ring in Waikanae Beach and Otaki. "The mar­ket for in­vestors on the Kapiti Coast re­mains strong de­spite the in­tro­duc­tion of higher de­posit re­quire­ments."

Val­ues on the Kapiti Coast rose 20.9 per cent year on year.

Porirua house prices rose 5.5 per cent since Fe­bru­ary, and 24.4 per cent year on year.

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