Porirua house prices rising
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.