The real estate market in Upper Hutt and the region.
Compared to August 2016, sales volumes fell 21% across the region with sales rising 33% in Carterton and 9% in Upper Hutt City but falling everywhere else in the region including Wellington City (-36%) and Porirua (-21%). Compared to July, sales volumes increased 2%, with sales falling furthest in South Wairarapa (-29%), but increasing the most in Porirua (+21%). On a seasonally adjusted basis, sales fell 4% from July, indicating that the increase in the sales count was smaller than expected when moving from July to August.
The national situation.
Overall, the number of properties sold across the country fell by 20% during August, a reduction of 1,472 properties, when compared to the same time last year. This is the equivalent of 47 less properties being sold each day in August 2017 when compared to August 2016. Regions with the biggest reduction in volumes were Southland (-37.3%), Northland (29.4%), Taranaki (25.9%), Waikato (25%) and Auckland (21.5%). Bindi Norwell, Chief Executive, at REINZ says:
“Again, we’ve seen the number of properties sold across the country drop significantly. The drop in volume this month meant that, on average, 47 fewer properties were sold each day in August 2017 in comparison to August 2016 – that’s a big drop. Banks’ lending criteria and LVRs are still impacting first home buyers and investors. “If you looked at the number of properties sold, without looking at the bigger picture, one might assume that the market was showing significant signs of slowing. However, as prices are holding up, and even increasing, then it suggests that people may be holding off from selling their property unless it’s absolutely necessary.”
As is common knowledge, the election makes people reluctant to buy and sell – after this weekend, the situation is likely to improve further still. The above stats show why we are lucky to live in such a great city – confidence from buyers is at an all time high.
Contact Jon today to find out what your property is worth in today’s market, and for all of your property needs – hassle free!
Please contact me today to arrange an advanced viewing of any of the new properties which we have coming onto the market over the next couple of weeks – there is something for everyone….
1/55 Hillside Drive
- Well presented low maintenance two bedroom flat
- Laminate flooring: Door entrances, dining room, kitchen & bathroom (2011)
- Kitchen (2011): Electric stove, rangehood, deep pantry, good workspace & storage
- Spacious separate lounge, large windows, carpet, sliding glass door to dining room
- Open plan dining
- 2 Bedrooms: (1) Double with double wardrobe & carpet (2) Single with single wardrobe & carpet
8b Montgomery Crescent
Comprising of 80m2 and having its own private fully fenced section, this property has a surprisingly spacious flow and feel to the place which provides comfortable living with indoor/outdoor flow from the ranch slider to the front garden. 2 good sized bedrooms, a walk in wardrobe, two toilets, separate laundry and plenty of storage space. This Property is ready for some lucky buyer to add their own mark to – priced at offers over $245,000
3 Barton Road
Going to auction on the 4th October, this stunning 5/6 bedroom property has an RV of $650k. Contact me for a viewing, or discuss in detail the auction process.
32 Elmslea Road
With an RV of $405, fully insulated, partially double glazed, this property is sure to be popular. Running on gas, and comprising a large kitchen/diner/lounge, this three bedroom property will be sold by tender – date TBC.