A first-time buyer suburb in Porirua has emerged as the biggest winner in the latest OneRoof Property Report figures measuring value growth in the Greater Wellington Region.
The median value of properties in Papakowhai grew 5.5 percent to $648,700 in the second quarter of the year.
Typical of most suburbs experiencing strong growth, Papakowhai has an attractive entry point for young professionals and offers easy access to both Porirua CBD and Wellington City, as well as scenic views of the harbour.
Also showing strong value growth in the Greater Wellington region in the three months to June 30 was Woodridge, another popular suburb for first-time buyers. The north Wellington suburb saw values grow 3.5 percent to $726,450.
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Overall values in Wellington City slipped 1.30 percent to $758,020 for the quarter but the rest of the Greater Wellington region enjoyed some growth. Values rose 0.60 percent to $535,378 in Lower Hutt and 1.90 percent to $491,812 in Upper Hutt. Porirua was the strongest performer, rising 2.80 percent to $564,489.
Porirua also boasts two of the strongest performers for the year, with Ranui and Ascot Park both enjoying value increases of more than 10 percent. Also showing
With a median value of $1,286,350, Seatoun remains Greater Wellington's most expensive suburb, though growth there has been relatively flat for the last 12 months.
The least expensive suburb was Cannons Creek, in Porirua. Its median value for the quarter was $340,950.
Ben Stevens, of Ray White Wellington, says: "First home buyers continue to drive up prices for the lower value stock due to healthy competition for limited choices. The upper levels of the market are having mixed results with well presented and located properties doing well while some are taking a bit longer to transact."
