The latest REINZ stats are out and are beginning to show firming both in Average and Median sales prices for the North Wellington property market. Though this is a very rudimentary measure, looking at the trend over a 3-6 month period may provide us with some general insight into the health of the market.
At the coalface, things definitely feel busier with more sold signs going up around the neighbourhood. It feels like we are finally coming out from under the negative cloud that built on the horizon after the second Christchurch earthquake and Tsunami in Japan. For a few weeks there, a majority of media news coverage was focused on these events. I believe that this created a good deal of uncertainty and hesitancy in the minds of the house buying public. Was Wellington going to be next? Though the Ken Rings of this world seemed to rather quiet on whether or not Wellington was finally due for the big one, it certainly felt to me like Wellington had dodged a bullet. Though the financial fallout of the clearing and rebuilding of Christchurch is still being tallied, the psychological effects of the quake on the minds of those not directly affected will continue to ease with time.
Keep a watch of my regularly updated Local Market Snapshot to keep up with the latest.
These stats are collated by me and put into graph form using the REINZ stats. Though I attempt to be as accurate as possible, I won’t be responsible for any errors. I can’t vouch for the accuracy of the data either.
