Lifestyle properties lift house prices

The latest asking price and new listing data from Realestate.co.nz shows that South Wairarapa properties are on the up and up.

In May, the average asking price for South Wairarapa real estate was $1,003,824, a 21.8 per cent increase on April figures, and 15.7 per cent more than the average asking price in the district in May last year.

Harcourts Wairarapa managing director Prue Hamill said there were “no surprises” in the rise.

“There are many more lifestyle properties in South Wairarapa, which attracts bigger sales – especially in Greytown and Martinborough,” she said.

“People have been holding back because those higher priced properties have taken longer to move.”

The average asking price in Carterton in May was $724,059, a fall of 8.6 per cent compared to April that still represents a year-on-year increase of 5.2 per cent.

Meanwhile, Masterton had an average asking price of $642,905 in May – a 2.2 per cent increase over April and 6 per cent less than the average asking price in May 2023.

“Right now, in Masterton, there is an abundance of stock, which means people have more choices, which means sellers can’t get as much,” Hamill told the Times-Age.

“I would also say that the properties selling over the past month have been at the lower price brackets, under the $600,000 mark.

“Masterton continues to have lower priced properties, which is why it is the best market for first home buyers to explore.”

The number of new listings in the three districts during May was up slightly from the same time last year while being a sharp decrease compared to new listings in April.

South Wairarapa had 21 new listings [a 27.3 per cent drop on April’s figures], while Masterton had 45 [down 25 per cent], and Carterton had 19 [a decrease of 17.4 per cent].

Hamill said she believed this falloff is due to house owners being less eager to list as we move into the winter months.

“Summer almost always does better than winter,” she said.

On a more general note, Hamill said real estate agents have seen great turnouts at open homes and received multiple offers on properties, and she is confident the market is heading in a positive direction.