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Wairarapa property market is hot

NZ Newswire logoNZ Newswire 1/04/2017

In March the Wairarapa was the "hottest" region in the New Zealand property, with a 33.6 per cent leap in demand due to limited total stock in the area.

The Wairarapa recorded the biggest drop in residential stock, down 44 per cent, while Wellington levels fell by 4.7 per cent.

The Wellington region has been a tight market for some time, with fewer listings compared to other main centres.

"With the Wairarapa relatively close to the capital and asking prices on average a third cheaper, it could well be the peoples' choice over the Wellington region," says realestate.co.nz spokeswoman Vanessa Taylor.

In both Wellington and the Wairarapa new listings were slightly up compared to the same time in 2016, up 11.8 per cent and 11.3 per cent respectively.

Nationally new listings are strong for the time of the year.

The number of new residential listings in March exceeded the number of new listings for the month of February, which is rare.

"It could well be that after the volatile nature of 2016, potential sellers have taken on board that the market has been relatively flat in the past few months.

"If they've been talking about making a move on the property ladder, whether up, down, or even out of the region, they may have more confidence that their next purchase will be in the context of a more stable price environment," Ms Taylor says says.

There was a 20.5 per cent increase in new listings in Auckland compared with the same month in 2016.

At the same time, asking prices in Auckland have remained static, with an average asking price of $952,542 in March.

New property listings in the Waikato region in March were 11.7 per cent up on February 2017 but the total number of listings on the market was 1.2 per cent down on the same time last year, indicating a high turnover of properties.

The average asking price in Waikato rose 4.7 per cent from February and now sit at $540,356, hitting another all-time high.

"The Waikato region has been in the spotlight over the past two years, as Aucklanders looked to migrate southwards, fleeing inflated prices and the difficulty of entering the market," says Ms Taylor.

In March new listings in the Canterbury region rose 15.4 per cent compared to the same time last year, however inventory levels were down compared to the region's long term average.

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