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House prices drop in Southern Wairarapa

Median house prices in Carterton and South Wairarapa dropped from November to December 2021. PHOTO/STOCK.ADOBE.COM

Tom Taylor
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Median house prices in two of the three Wairarapa districts dropped from November to December 2021, according to new statistics from the Real Estate Institute of New Zealand [REINZ].

The median price in Carterton dropped 19 per cent from $710,000 to $575,000, with 10 houses sold in December, down from 14 in November.

Carterton was the only district where the median price also dropped compared with December 2020 [$601,000].

In South Wairarapa, the median price fell slightly from $870,000 to $835,000, with 15 houses sold, down from 17 in November.

However, the price in South Wairarapa was still up 39 per cent from December 2020 [$600,000].

Masterton was the only district where the median price rose from November to December 2021, increasing from $637,750 to $690,000. The volume sold dropped from 58 in November to 47 in December.

Compared with December 2020 [$580,000], Masterton’s median price was up 19 per cent.

REINZ chief executive officer Jen Baird said that across the Wellington region, properties were spending longer on the market due to new lending criteria.

“If lending criteria stays as it is, it is expected that properties will continue to sit on the market,” Baird said.

She said that anecdotally, the Auckland and Waikato borders opening had resulted in more inquiries from up north, suggesting that some people wanted to relocate and change their lifestyle.

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