Latest Information from the REINZ – Upper Hutt bucking the trend, house prices still rising whilst falling across all of the Wellington region

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.

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