17 Oct 2018

Wellington and Waikato property prices leap to record highs

9:14 am on 17 October 2018

The capital's property market has heated up to a record high.

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Average property prices in the Wellington region rose by 12.3 percent in September, compared to a year ago. Photo: SlyLynx/ 123rf

Data from Trade Me shows the average asking price in the Wellington region climbed 12.3 percent in September, compared with a year ago, to $593,250.

Masterton had the biggest annual increase, with a 20 percent jump in average asking price to $408,850.

The Hutt Valley saw record asking prices in September, with Upper Hutt rising 15.5 percent to $538,500, and Lower Hutt up 10.4 percent to $559,300.

In Wellington City, the average price rose 8.5 percent on a year ago to $700,400.

Trade Me Property head Nigel Jeffries said the Wellington market was showing no signs of slowing down.

"In September 2016, the average asking price was $479,650, which means property prices in the capital have increased almost $115,000 in 24 months," he said.

"If this rate of growth continues, the Wellington property market could be discussed in similar terms to Auckland - though we're some way away from seeing the massive numbers we've seen in our largest city."

Waikato also reached a record average asking price in September, climbing 4.7 percent on last year to $553,650.

Nationwide, data from Trade Me shows a 2.3 percent property price rise in September, the first monthly rise since May, to an average asking price of $645,250.

All regions experienced growth when compared with September last year, with the biggest gains in Taranaki, Wellington and Nelson.

After a winter slump, the average asking price in Auckland rose 2.6 percent to $917,150.

Average asking prices in the South Island also took off in September, with Nelson/Tasman up 12 percent to $593,300, Otago up 11 percent to $533,050, and Southland up 11 per cent to $283,900.

There was a 9 percent increase in listings on the Trade Me Property website last month.

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