Wellington home values increase by average of 3.2% in 3 months

News from Quotable Value New Zealand
Wellington’s residential property market continues to strengthen into summer.

Residential property values increased across the greater Wellington region by an average of 3.2% this quarter. The average home value is now $853,287, which is 3.5% lower than at the start of the year.

It’s a stark contrast to the same time last year, at which point home values had fallen by an average of 18.7% from 1 January to 30 November 2022.

Local QV senior consultant David Cornford expected Wellington’s gradual recovery to continue in 2024 “with a few speed bumps along the way”.

“Uncertainty around job security within the public sector, rising unemployment, the cost of living crisis, and high interest rates will likely prevent any strong value growth in the region over the next 12 months. Instead, I expect we’ll see a gradual and modest strengthening of the market over 2024,” he said.

“The market remains dominated by first-home buyers. It will be interesting to see if more investors return to the market in the first half of 2024. Given the new government and its policy settings, which are more supportive to investors, you would expect this group to start coming back to the market in increasing numbers over 2024.”

Content Sourced from scoop.co.nz
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