The new coast with the most interest
Changes in how people work has widened the appeal of the Ka¯piti Coast, once seen as a retirement haven
Demand for houses and land on the Ka¯piti Coast has sky-rocketed with Kiwis weighing up a longer commute in exchange for cheaper house prices.
The latest Trade Me Property Price Index found demand jumped up 68 per cent for the Ka¯piti Coast from August last year.
The Ka¯piti Coast had a standout month in August, with the average asking price for a house in the area reaching $685,000 – a 16 per cent increase on the same month last year – making it the thirdmost expensive district behind Wellington City ($799,100) and Porirua ($723,950).
Trade Me Property spokesman Aaron Clancy said people getting used to working from home had made living further from the city more appealing.
It was the first time the Ka¯piti Coast had featured in the index’s top three most expensive districts in the Wellington region, alongside South Wairarapa (up 44 per cent) and Wellington City (up 40 per cent), he said.
Michael Seymour – the director of Tall Poppy Real Estate, which began in Ka¯piti – said the area was often seen as a retirement destination but with Transmission Gully and Covid-19 changing how people worked, the area had becomemore appealing for families and workers.
There had been a significant increase in the number of people attending open homes and the number of offers for properties, he said.
An increase in demand in the area had led to house prices going up. Seymour said the price of sections was also ‘‘going through the roof because of limited supply in the region’’.
With the impending opening of Transmission Gully, he believed people felt confident investing in the area and this would fuel future growth.
People had been shopping within property brackets and it was about getting on the property ladder, he said.
Low interest rates had meant some people could afford to look at properties in the next bracket.
taki was booming because of
some bigger developments happening there, and Horowhenua would be another big growth area.
Seymour said there had also been an increase in inquiries for house appraisals.
He anticipated that the area’s housing market would continue to see high demand, which would fuel an increase in prices.
Wellington property has become the most sought after in the country with the largest annual percentage increase on record in August – the regional market has climbed 34 per cent yearon-year, despite the country officially
Housing developments in Waikanae and Ka¯piti Coast are growing with the construction of Transmission Gully. entering a recession.
In the Wellington suburb of Southgate, a four-bedroom home perched on a ridge line with views over the south coastmade it on to the Trade Me watchlists of 553 people just two days after going online.
More than 200 groups traipsed through the open home and overseas buyers had also shown interest. After a 21⁄ 2- week campaign, the call for inquiries over $1.595million was eclipsed by a final sales price in excess of this – becoming themost popular listing on Trade Me nationwide lastmonth.
Lowe & Co salesperson Amy Allen said 123 Buckley Rd – the sale of which was still being settled – was one of the busiest campaigns she had been a part of.
‘‘People fell in love with it and it just went beyond everyone’s expectations ... I can’t go into all the details but it was multiple offers, very disappointed buyers,’’ Allen said. ‘‘It was super close.
‘‘The owners are really happy. It was an emotional sale for them. It was their family home they designed for themselves. It was a reluctant sale, and they are overseas now.’’
The sale of the Southgate house was emblematic of the frenzied battles Wellingtonians are being thrust into in buying a home in the current property market.
Allen said first-home buyers were being priced out of Wellington City, with many scouring the northern suburbs, including the likes of Tawa and Johnsonville, to get into their own homes.