ZB

Wellington house prices up 10 percent more than Auckland

Author
Georgia Nelson,
Publish Date
Wed, 3 May 2017, 11:42am
Photo / Getty Images
Photo / Getty Images

Wellington house prices up 10 percent more than Auckland

Author
Georgia Nelson,
Publish Date
Wed, 3 May 2017, 11:42am

Wellington house prices are rising faster than Auckland's.

Wellington City values are up 20.8 percent over the last year, and 3.1 over the past three months, while Auckland values have only risen 10.7 percent over the past year.

The number of first home buyers trying to crack into the market could be the reason for the increase in main centres other than Auckland.

QV National Spokeswoman Andrea Rush said the average value across Wellington has now topped $600,000.

She said the capital's market is rising more strongly than Auckland, with QV Wellington Valuer David Cornford saying that Porirua has seen the largest year on year growth, followed closely by the Hutt Valley.

Mr Cornford said that there has been a record number of first home buyers in Wellington.

"The key drivers at play in the Wellington market continue to be a lack of property listings, low interest rates and a strong first home buyer presence."

Ms Rush also said that house prices are slowing down due to LVR restrictions.

"Values dropped in parts of Auckland and Christchurch over the past quarter and the rate of value growth has slowed considerably in Tauranga and Queenstown as well"

The Price Index figures also showed nationwide property values for April increased 11.1 percent over the past year, however, this was the slowest annual rate of growth since July 2015.

Quarterly value growth has also plateaued with a zero percent change over the past three months.