Wellington’s love for property continues, with one of our major banks ranking us as one of the regions to watch in 2018.
ASB’s most recent Regional Economic Scoreboard has identified Wellington as a high-growth region with our ‘firing’ housing market one of the reasons why. According to QV, the average price for a home in Wellington in February was $640,737, up 8.6 percent from a year ago.
So, where does this leave first-home hunters? Where are they buying?
In 2017 we looked at the best places for first-home hunters and found suburbs outside of the city were the most affordable. In 2018, we believe the situation is mostly the same, but buyers are being pushed further afield. This year our best picks for first-home buyers are:
● Upper Hutt
● Wairarapa (Featherston, Carterton, Masterton)
Outside these areas, buyers are hard pressed to find homes under $400,000–and sometimes even in towns. Trade Me’s Property Index estimates the average cost of a one-to-two bedroom in Wellington was $478,260 in February, which is out of reach of many aspiring homeowners.
Realistically, first-home buyers have little choice about where to live and need to compromise to get into their first home. Many of the people we help know their limitations and look for the best home they can afford. Even so, their deposits are being supplemented by ‘gifts’ from parents or family, because every cent counts.
All five of these areas are becoming more accessible as transport links across Wellington improve, particularly in Otaki and Levin, and they all offer incredible lifestyle options.
If you’re a first-home buyer and are feeling stuck about where to look in 2018, then give us a call us on 0800 000 517. We can help guide your journey towards your first home and most importantly provide you with impartial advice along the way.