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Wellington Property Pulse factsheet – May 2011

Posted on: June 16th, 2011 | Filed in Wellington Property Market Factsheet

The Wellington region property pulse factsheet for May 2011 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).

Property sales across the Wellington region at 538 in the month fell slightly on a seasonally adjusted basis in May but were up 9% as compared to a year ago. The inventory of unsold houses on the market fell to 26 weeks to remain above the long-term average of 22 weeks of equivalent sales.

The stratified mean sales price of properties sold in the Wellington region at $388,575 was down by 4% as compared to a year ago and showed a similar fall from the prior month. The asking price expectation of new listings was down by 4% as compared to a year ago at $426,696.

The level of new listings coming onto the market in May at 758 was up slightly as compared to March and down 20% as compared to a year ago.

 

Article Discussion

  1. If the inventory continues to reduce and new listings does the same, this will no doubt support prices in Wellington. Buying right now remains very good in my opinion, but I can’t see it lasting more than 12 months. Any other views out there???

    Adam Cockburn – Wellington Real Estate Agent

  2. Colin Kelly Colin Kelly says:

    It is a battle in NZ between low supply, and pent up demand from migration, smaller houses, birth & obsolescence versus , in Wellington, government retrenchment & global insecurity. And funding, and the capital gain monster. Prices are not cheap compared to rent & wages….but build prices in Wellington will never come down. so what is going to give? Sadly I think house prices will hold at these levels, and housing shortages are ahead. No one can justify building new. Moderate shortages within 2 years but severe within 5. Buy if you can, now.

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