Wellington Snapshot

Mr Kerry Buckeridge of QV Valuations said “the Wellington market has continued to be quite subdued overall.” “Over the last couple of months we have seen low activity levels and values continue to trend downwards. There is a seasonal influence, in winter we typically  do see less properties listed and less sales activity” Mr Buckeridge said. “The only area of the market that there appears to be some  activity is properties in lower priced locations. This is only if they are sensibly priced. Agents are reporting that sellers are being realistic  in their price expectations. Few are anticipating receiving premium prices in the current market.” “At this stage we are not seeing  evidence for a substantive continuing decline in values; however, as yet there are no signs of a recovery. With current prices, and  historically low interest rates, housing is the most affordable it has been for many years, yet people are not rushing into the market” Mr  Buckeridge said. “It is possible that uncertainty in the public sector has resulted in a more conservative approach from home owners.  Many appear not to be trading up. Meanwhile, some first home buyers are entering the market in locations with more affordable options  such as Upper Hutt and Porirua.”

The average sales price for Wellington in June was $449,871.

Wellington                             Median                                                       Number Sold                       
                                                Jul‐11          Jun‐11           Jul‐10             Jul‐11     Jun‐11    Jul‐10
Upper Hutt                             $304,000    $328,600     $322,000       51            74            47
Hutt Valley                              $332,500    $316,250     $330,000       90            84            100
Northern Wellington            $445,000    $435,615     $411,000        62            83            54
Western Wellington             $606,000    $525,000     $532,500       33            29            34
Southern Wellington            $515,000    $527,500     $495,000       25            34            33
Eastern Wellington              $492,000    $480,000     $455,000        17           38             29
Central Wellington               $455,000    $360,000     $524,500        39           45             32
Wellington                             $365,000     $380,000     $385,000        521        574          512

Statistically:                                                       Vs…                                    
                                                 Jun‐11   Jun 10        Jun‐11    Jul‐10
Upper Hutt                             ‐7.5%     ‐5.6%          -31.1%     8.5%
Hutt Valley                               5.1%       0.8%            7.1%       ‐10.0%
Northern Wellington             2.2%       8.3%           ‐25.3%    14.8%
Western Wellington             15.4%     13.8%          13.8%     ‐2.9%
Southern Wellington           ‐2.4%       4.0%           ‐26.5%    ‐24.2%
Eastern Wellington               2.5%       8.1%           ‐55.3%    ‐41.4%
Central Wellington                26.4%    ‐13.3%        ‐13.3%     21.9%
Wellington                             ‐3.9%      ‐5.2%          ‐9.2%        1.8%

The Wellington region recorded a $15,000 drop in the median price compared to June and a $20,000 drop compared to July 2010.  Although Western Wellington and Central Wellington and Hutt Valley all recorded increases in prices, with Western Wellington recording  he strongest lift in prices across the region. Volumes were noticeably weaker in Southern and Eastern Wellington, with Upper  utt, Northern Wellington and Central Wellington also showing volumes declines compared to June. The regional lift in volumes  of 1.8% compared to July 2010 is in marked contrast to the rise in volumes recorded in a number of other markets. The days to sell  improved by 10 days from 55 in June to 45 in July and by two days compared to July 2010.