Wellington Region Market Snapshot

“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. 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 total number of new listings for the Wellington region was 734, which compared to the new listings in June 2010 was a decrease of 4%. Property sales for the region were down 1% on the same period last year.