3 May 2017

Wellington housing market grows faster than Auckland

From Morning Report, 7:16 am on 3 May 2017

The increase in average house prices in Auckland is slowing and even dropping in some suburbs.

Overall, Auckland house prices rose 11 percent in the past year-- the slowest rate of increase since 2014 -- but they were down zero point four percent in the latest quarter.

In comparison Wellington houses prices are soaring, up 21 percent in the last 12 months.

Jonno Ingerson, the director for CoreLogic, which runs the QV website says investors are still finding ways of getting into the market.

He says the 21% rise in Wellington is due to an extreme case of supply and demand. "There's not enough stock. There's only about half the number of homes that are on the market than a year or two ago."