North Wellington Property Market update March 2010
The House Market in North Wellington
Click on the graphs for larger view
The average sale price rebounded to just under the $500k mark after a drop in January. This drop may have indicated sales in the group of homes that were on the market prior to xmas and failed to sell. The lack of fresh homes coming into the market began to place upward pressure on prices again during February. This upward pressure has continued into early March in North Wellington.
The time to sell the average home in North Wellington has fallen sharply from a spike of 38 days in January back to a time frame closer to three weeks (23 days). There has been an influx of new listings into the market place during February and continues into early March but anecdotal evidence suggests that there is still a lack of listings on the market in this area.
The turnover or number of homes sold for the month of February hit an 18 month high at 79 confirmed sales. Driving around the Northern Suburbs there are plenty of sold signs up and feedback from active buyers suggests that well presented listings that tick all the common sense boxes are moving fast.
The Rental Market in North Wellington
Two bedroom rental accommodation is showing signs of pushing up slightly but three bedroom average rents have plateaued and are sitting under the $400 per week psychological benchmark. In the 4 bedroom home rental market, rents have eased by about $20 per week after steadily rising during the preceding 4-6 months.
Average Rents by Suburb
Suburb |
two bedrooms |
three bedrooms |
four bedrooms |
| Tawa/Grenada Nth | 302 | 364 | 420 |
| Jville/Newlands | 328 | 390 | 484 |
| Khandallah | 391 | 506 | 605 |
| Ngaio/Wilton | 366 | 445 | 533 |
| Wadestown/Thorndon | 461 | 550 | 847 |
| Karori | 391 | 488 | 519 |
| Northland | 423 | 463 | 568 |
Info in the graphs has been gleaned from the REINZ monthly sales data and tenancy services rent data. While I have attempted to be as accurate as possible, I cannot vouch for any of the information represented and , therefore, won’t take any responsibility for any inaccuracies.
Disclaimer, copyright and use of Market rent data
March 12 2010 03:39 pm | General Real Estate and North Wgtn House Market Trends
