Wellington house values increase again
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New Zealand property values climbed above where they were at the same time in 2008 for the first time this year as an ongoing shortage of listed properties continued to make it a seller’s market.
In Wellington, according to QV Valuations, values increased 1.6% in the rolling three month period ending on October 31, from a 1.1% annual gain reported in September. The average sale price edged up to $438,584 from $436,633.
Nationwide, house values rose 0.2% in the 12 months ended Oct. 31, up from a 1.1% decline in the period through September. The average sale price increased to $389,198 from $387,567 a month earlier.
“The continued shortage of properties, especially in the main urban areas, is leading to a continued imbalance in the market with more buyers than available properties,” said QV spokeswoman Glenda Whitehead. “As a result, valuers are seeing many properties sell for well above their expected values.”
