Wellington house market takes off.
It does appear that prices in Wellington, certainly for standalone houses near the central city, have really taken off and surpassed their previous 2007 highs. It is likely that the ripple effect will happen and the outer suburbs will experience increased demand over the next few months. It will certainly be interesting to watch the trends as the traditional spring increase in supply starts to take effect.
If you live in Wellington and looking for house price increases the news is very promising. Check out this article from Tony Alexander, the BNZ chief economist.
Economist gives Wellington vote of confidence best long term value in NZ
Supply of houses in the Wellington area is really low and Trademe report a mere 700 listings which is the lowest I have seem for quite some time. What do you think that means for prices?