Houses the big earner in capital
An average Wellington house increased in value by more than $4500 a month over the past year, ‘‘earning’’ more than the region’s median wage, according to the latest Trade Me data.
The website’s listings statistics shows a strong real estate market in the capital. The average asking price in Wellington rose 9.4 per cent year-on-year to $636,250, an increase of $54,750. That works out at $4562 a month, compared to the $740 a week a person getting the region’s median wage would earn.
‘‘With the spring selling season around the corner we expect to see a flurry of activity in the market and we think more record asking prices are likely in the capital,’’ Trade Me Property spokesman Aaron Clancy said.
Clancy said three to fourbedroom houses in Wellington had the largest increase in house prices – an 11 per cent jump on last July to $673,050.
Meanwhile, the slump in house prices in Auckland has continued. The average asking price in July was down 2.2 per cent on last year to $875,450, the lowest since September 2016.
‘‘This is the fourth consecutive month that property prices have dipped in the Super City, after years of eye-watering price increases the heat has well and truly been taken out of the Auckland property market,’’ Clancy said.
The dip in prices coupled with low interest rates was good news for first home buyers.
The average asking price in Auckland City fell below the $1 million mark for the first time in almost a year to $987,250, dipping 0.4 per cent on last year.
Nationwide, the average asking price was up 0.9 per cent.
Regions were a mixed bag, Clancy said. ‘‘Homeowners in Manawatu/Whanganui, Otago and Southland have plenty of reason to smile after all three regions experienced strong double-digit growth and new records. Gisborne was another strong performer with property prices jumping 18 per cent yearon-year to $360,800.’’
Hamilton was experiencing strong demand from buyers, Clancy said.