The surprisingly hot housing regions in the REINZ’s February data were Hawke’s Bay, Wellington and Nelson/Marlborough. The Wellington market has been flat or only slightly improving for the past eight years, so significant boosts in sales and prices are a welcome change of pace for the capital. With new motorways improving access to Wellington and increased Government spending, hopefully this will be an ongoing trend.
Hawke’s Bay is such an idyllic spot and the lifestyle has always been a drawcard – is it first home buyers leaving Auckland who have driven median prices up 14% in the past year? We don’t know, but the new record median price will be putting a smile on the faces of local investors. Similarly, Nelson/Marlborough set a new record median price, and together the regions have driven the national median price (excluding Auckland) up to a record high of $330,000.
The Waikato and Bay of Plenty regions were also strong performers, but that was only to be expected; we’ve seen many Auckland investors deciding to make their deposit go further in Tauranga and Hamilton. We’ve been undertaking projects in Tauranga and Hamilton, and Whangerei is next on the cards. Talk to us today and we may be able to help you invest in an up-and-coming area before prices really accelerate.