Data released today from The Real Estate Institute of New Zealand (REINZ), shows that Wellington reached a new record median house price in September with a 13.1% increase to $735,000 up from $650,000 at the same time last year.
Additionally, 4 Districts within the Wellington region saw record median prices.
First Home buyers are taking full advantage of the removal of the Loan To Value (LVR) and the record low interest rates. However, a lack of supply and such high demand will keep prices high for some time yet.
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We’ll be adding some more information soon about how to best prepare yourself for a property purchase. Eg mortgage calculators, websites to help research prices etc. Please come back to the blog often!
Cheers, Michael Anastasiadis – Wellington Mortgage Broker.