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House values booming

CoreLogic data/GETTY IMAGES

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House values are continuing to rise in Wairarapa at a faster pace than the national average, mostly due to a rising population.

And prices are going up accordingly, with a new 212m2 house on the west side of Masterton sold by Ray White Leaders for $900,000.

The latest CoreLogic valuation data for September shows a 20.4 per cent annual rise in Featherston, an 18.6 per cent rise in Martinborough and a 16.2 per cent rise in Greytown.

Value growth is happening in Masterton too. The annual rise in house values in Kuripuni is 15.1 per cent, it’s 12.1 per cent in Lansdowne, 13.3 per cent in Solway, and 12.7 per cent in the rest of Masterton.

Nationally, values have only risen by about five per cent in the past year, CoreLogic senior research analyst Kelvin Davidson said.

Among the reasons for the strength in regions was the fact that prices were lower, he said, making the cost of a house in Wairarapa appealing to people from big cities with expensive housing. The lifestyle was also attractive to buyers, and population growth and a strong agricultural sector were also driving growth in the region.

Brad Chittick, the branch manager of Ray White Leaders Masterton, said the Wairarapa market was being driven by population growth in the region.

Masterton’s population statistics had remained static for some time but its population had risen by 3500 in the past three years.

He said nationally, more listings were coming on the market and it was taking longer to sell a property.

“We are just not seeing that here,” he said.

“The key thing with our region is that a growing population is keeping demand on housing strong and there is limited choice because there has been higher sales volume.”

He said people were choosing to live in Wairarapa, rather than the cities. He was seeing buyers from Auckland, Wellington, Hamilton, Tauranga, Hawke’s Bay and Christchurch.

“Compared to the city centres they feel they are getting great value for money here,” Chittick said.

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