The question is commonly put to me – “Are houses selling over or under GV (Rating Value) at the moment?” Here is my analysis from the latest monthly release of data from the Real Estate Institute (Sept 10th). The figures are averages for each suburb. There is a very high margin of error involved in the [...]
The monthly sales statistics just released by the Real Estate Institute of NZ continue to show a subdued residential house market in Wellington North with a low number of homes selling in the last couple of months. August sales levels were the lowest since Aug 2008. Both the Average Sale Price and the Median Sale Price [...]
“How much are houses selling over or under GV for?” Though I don’t personally value these types of comparisons because of the issue I have with using the Rating Value as a guide for market value (read my article on the subject here), it is one of the most common questions I get asked as [...]
click graph for larger view The latest stats out from The Department of Building and housing show that average rents are still softening in the larger home market (four bedrooms +). The three bedroom home rental market is still holding its own. Two bedroom homes are slightly cheaper to rent than a few months ago. [...]
I have just updated my local residential house market stats. Click on the Local Property Market Snapshot tab above to view the latest sales info from REINZ in graph form. Median Sales Price Trends, Average time to sell, and the number of homes selling per month in North Wellington. Suburbs covered: Broadmeadows, Chartwell, Churton Park, [...]
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 [...]
North Wellington Property Market update – 23rd March 2011 The median selling price is showing signs of some upward motion as 2011 unfolds. The stats don’t yet show the effects of the second Christchurch earthquake or the Japanese tsunami which has definitely had an impact on optimism and buyer confidence in recent weeks. The [...]
February proved to be a mixed month for the housing market with volumes and the average median price up, but the average time to sell also increasing, according to the latest REINZ report. “Overall the data is a bit of a mixed bag,” said REINZ CEO Helen O’Sullivan. “February’s transaction volumes were always going to [...]
Median Selling Price The Median Selling Price has shown a slow decline over the last year but there are signs that things are stabilizing to a plateau. Number of Sales General market activity is still well down on historical averages. This lethargy appears to0 be on both sides of the market with less buyer activity [...]
The latest stats released in the last week from Quotable Value show a new trend emerging in the house market in Wellington. Spring usually sees a fresh burst of activity in the property market as homeowners wanting to move before Christmas come into the market. This year has seen subdued levels of new selling activity [...]
QV’s Residential Price Index for August shows that property values in the Wellington region have continued to decrease, by 2.2% since March this year. In contrast, values increased by 4.4% in the 7 months to March. Consequently, values now sit 2% above the same time last year, but 5.4% below the market peak of early [...]
The latest release from the Department of Building and Housing shows that average rents are rising. Recent media reports suggested that stocks of available rental accommodation was at a low ebb throughout the country except for Wellington. This rise in rents in the last couple of months maybe be a sign that Wellington also is [...]
North Wellington Market Update – August 2010 The market is going through a softening period currently but we are hoping that as the weather warms up again and the economy continues to slowly recover, we will again see a firming of prices in the area. The market currently is characterized by inactivity both at the [...]
The latest figures out from the Tenancy Services website shows rents rising on all property sizes in the Johnsonville/Newlands area with good numbers of properties being tenanted. Though anecdotal evidence suggests that there is a build up of vacant properties across Wellington with more than 1100 properties for rent on Trademe currently, average rents don’t [...]
Average Sale Price Prices continue to soften gently after they peaked late last year. Both the Median and the Average Sale Prices show the same trend. Days to Sell The time to sell has lengthened out to an average of 52 days in May compared with the historical average for the area of around 30 [...]
Taxing Times for house market -May 17th 2010 Uncertainty around the coming changes to the way investment properties will be taxed and how that is going to affect the rest of the market has made for a quiet market in the last month nationally. The local house market in North Wellington echoes this reserve. There [...]
