Figures show Wellington market stable-but it?s still cheaper in a Hutt House
By Tim O?Connell
As February signals the end of the traditional slowdown in house sales nationwide, real estate watchdogs are offering some hope to consumers on both sides of the housing market for 2009. But despite the cautious optimism these figures provide, Real Estate Institute of New Zealand President Mike Elford is quick to point out parallels between today?s environment and that of ten years ago. ?If you look back, these sales numbers are consistent with the statistics from December 1999 and 2000.? While the rest of New Zealand attempts to regain some confidence from the slump of late 2008, Wellington has managed to avoid any major decline in either house price or sales volumes. While the median house price has slipped in value by 4.7 percent since November last year, Wellington remains one of three regions to hold or increase their median over this time. The housing market has generally shown signs of stabilizing on both sides of the Belmont Hills, although the latest REINZ figures have pointed to longer times to sell a house in the Hutt. The average house price in the Hutt Valley has stood firm at around $330,000, which keeps the area in line with the national average of $328,000. While significantly cheaper than most other areas in Wellington, 49 days was the median time taken to close the deal on selling a house in December-20 days longer than at the start of 2008. This is in stark contrast to house sales prices in the northern suburbs, with a price tag of $430,000 anticipated when buying or selling between Ngaio and Pukerua Bay. Interestingly, the typical period for sale there was significantly shorter, at only 39 days over December. While house prices remained steady in most suburbs, Porirua was one of the few areas in the greater Welington region to record price falls in December.
