An expert's signalling a potential end to Wellington's housing boom
An expert's signalling a potential end to Wellington's housing boom
7 July 2021
CoreLogic chief property economist, Kelvin Davidson, has delved into the Capital's market.
He says property prices have risen 123 percent - or 564-thousand dollars - in the past six years in Wellington, Porirua, Lower Hutt and Upper Hutt.
He says even the cheapest market, in Upper Hutt, has an average value of more than 850-thousand dollars.
Davidson says demand from first home buyers, low supply, and high-paid jobs in the region have fuelled prices.
He says Wellington's geography also makes it harder to build as quickly as places like Canterbury.
But Davidson says because affordability has deteriorated so markedly, we could soon see a more sluggish market in the capital as prices become out of reach.
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