Petone house values beat all others in Hutt Valley
Petone continues its rise as the Hutt Valley's most fashionable, hip suburb, with house values going up again.
Quotable Value's latest assessment of Lower Hutt's rateable values shows Petone and the nearby Western Hills growing ahead of other parts of the city.
The average value of dwellings in Petone has climbed 17.8 per cent to $463,177 in the past three years, while house values in the Western Hills have risen 9.7 per cent to an average of $430,648.
In contrast values in Taita and Naenae fell 9.5 per cent to an average of $240,000 and $260,000.
Petone's rise has come off the back of the development of Jackson St, its main thoroughfare, which now has a reputation for shopping and food unrivalled outside central Wellington.
Resident Chris Clifton moved to Petone 13 years ago, joining an influx of younger people buying homes and raising families there.
"A lot of the areas of Petone seem to be getting younger and younger," he said.
"Lots of houses on our street have been done up."
The home he and his wife bought in Collins St for $230,000 in 2000 has served them well. Mr Clifton thinks its worth has just about doubled in that time.
"It's a 1920s bungalow, a reasonable size. It looks quite small from the front . . . it's pretty typical of Petone."
He works from a home office, but used to commute by bike into the city. The proximity to Wellington, and the bus and train links, are also attractive.
"If you jump on a bike and get away at a good time, you can get in at the same time as [driving, train or bus]."
For a young family, the schools have also worked well, though the absence of choice in secondary means his son is going to St Patrick's in Silverstream next year.
Hutt City Deputy Mayor David Bassett said Petone was having its day.
"It's an area the council has invested quite a lot, particularly on infrastructure," he said. "If you look back 10 or 15 years it was a difficult area to sell property . . . it was quite run down."
The overall value of the city fell 1.2 per cent from the 2010 valuation to $17.8 billion, but land value alone increased 1.0 per cent to $8.85 billion.
The council uses the rateable value of properties to calculate how much homeowners pay in rates.
The Dominion Post