Expect to see another increase in the property sales price data for Wellington when the Trade Me Sales Price Index is released for March 2016. Homes in the region have sold within days of being on the market for sale; and they’re being purchased for tens of thousands of dollars over the Government valuation.
Areas as far north as Kapiti have witnessed a huge jump in demand recently with many properties sold within hours of listing; and it’s not just locals vying for them.
Auckland property investors are looking for a better deal than what’s on offer locally. The 70 percent LVR restriction on rental properties purchased in Auckland and the low yield has seen many Auckland investors venture to other regions . Wellington saw little activity from Auckland investors until this year.
With very low sales price growth in recent years Wellington’s housing market growth may soon rival areas surrounding Auckland including Bay of Plenty and Waikato due to the increase in interest from Auckland property investors.
It seems every week media are reporting on a property sale reaching new heights in Wellington. Just last week media reported on the sale of a property in the highly sought after area of Wadestown which had a rateable value of $700,000 and sold for over $1m.
Steve Goodey of PropertyTutors Wellington says his property investor clients are benefiting from the increase in demand for their renovated properties and their upcoming property event Property Masters is sure to be a sell out. Aucklanders are keen to invest more in Wellington and joining a mentoring group that provides support for their property deals is attractive. Property Masters is being held on 15th May 2016 in central Wellington.
This blog article was written for PropertyBlogs by Mobilize Mail.