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Mixed bag for housing market

New figures from Realestate.co.nz show that the average asking prices for residential properties in Masterton and South Wairarapa districts have declined in the past month but risen in the Carterton district.

The figures are broken down into Carterton, Masterton, and South Wairarapa Districts; they look at the average asking prices and new listings for April this year comparing them to the same month a year ago as well as the previous month of March.

The average asking price for a Carterton property in April was $792,211 [up 7.2 per cent on March], while in Masterton it was $628,979 [down eight per cent] and $824,320 in South Wairarapa [down 16.1 per cent].

Harcourts Wairarapa managing director Prue Hamill believes that Carterton was a previously undervalued market, while the other two have fallen to reflect the current buying and selling climate.

“In Masterton, we are seeing predominantly first home buyers and buyers in under that $600,000 range, meaning people have had to adjust prices to meet that demographic,” Hamill said.

“South Wairarapa is influenced a lot by what is happening in Wellington, and it seems to be taking longer to sell and so that’s what that decline reflects.

“Carterton has been down for a while now, but it is a good option for people commuting into Wellington; as Masterton attracts the first home buyers, Carterton looks at that next level of buyer.”

The new data also shows the new listings in each district.

Although Masterton’s new listings were down 14.3 per cent in April compared to March, they were up 33.3 per cent year on year; in South Wairarapa, they were down 31 per cent month on month and up 81.3 per cent year on year; while in Carterton there was no change month on month but a 35.5 per cent increase year on year.

LJ Hooker managing partner Ben Moorcock noted that, although real estate agents will often say now is the right time to buy, it is actually a good time in Wairarapa at the moment.

“I guess if you are a real buyer, anytime is the right time but right now we have good buying options due to the additional stock level and especially for Masterton and South Wairarapa, the price is lower from last month.

“Wairarapa just offers more value than Wellington or Palmerston North.”

Freddie Wilkie
Freddie Wilkie
Freddie Wilkie is a journalist at the Wairarapa Times-Age; originally moving from Christchurch, he is interested in housing stories as well as covering emergencies and crime.

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