Wellington house values have risen 1.7 per cent in the past year, according to new figures released today by Quotable Value.
QV valuer Pieter Geill said values had steadied after a slight increase over the previous months, but were still up 0.6 per cent over the past three months.
''November was a quiet month in Wellington, with the market generally flat. Demand continues for well-presented properties and we have also seen an improvement in the rural and lifestyle property markets recently.''
Wellington's market lagged the national trend where residential values rose 1.9 per cent over the past three months, by 5.7 per cent up over the past year, and were now 1.5 per cent above the previous market peak of late 2007.
QV research director Jonno Ingerson said that nationwide values were driven primarily by Auckland and Canterbury where demand outstripped supply.
''Across the rest of the country values have been steady or increasing very slightly over the past six months. However in the last month or two many of these areas have begun to falter''.
''Outside Auckland and Canterbury the property market remains subdued as buyers are generally cautious, and there are few quality properties on the market for them to choose from.''
Auckland values increased 9.3 per cent over the past year and were now 10 per cent over the 2007 peak.
Christchurch values rose 6.3 per cent in the past year and were now 4.5 per cent above the 2007 peak.
QV reports the current average value of a home in Wellington City is now $513,766.
Average values in Kapiti were $358,936, Porirua $368,496, Upper Hutt $325,543, Lower Hutt $361,461.
- © Fairfax NZ News
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