I was interviewed by Newstalk ZB last week about Wellington’s housing market, in particular the best suburbs for first-home buyers to consider when looking for a property.
First-home buyers have had a slightly tougher time over the last year, with house prices rising around 21.1 percent in Wellington City, and 20.6 percent across the region. Even prices in ‘affordable’ areas have soared - with the the average house prices in Newlands and Tawa climbing to $627,791 earlier this year – rising by $117,306 in just 12 months.
It was really interesting to hear from listeners about their experience in the local housing market, including one in particular who was considering a tiny house as a way to get into the market. First-home buyers needn’t be disheartened about their chances. There are still affordable options here in Kapiti, the Hutt Valley and South Wairarapa that offer more in terms of housing, land, and lifestyle without stretching you beyond your means.
To gain a better understanding of the best places for first-home buyers to look in, we compared important factors like prices, infrastructure, schooling, community feel and distance to the city, and the good news is there are a handful of suburbs that stand out as viable options for first-time buyers. They are:
- Upper Hutt (eg. Trentham)
- Titahi Bay
- Porirua (eg. Cannons Creek)
All of these areas have more traction in the market, and we expect them to continue to grow in value and attractiveness over the next twelve months.
If you do look further afield for a home, also make sure you consider important questions about your neighbourhood of choice, including proximity to public transport, quality of local schools, what type of infrastructure is nearby (ie supermarkets, cafes and shops) and what kind of investment is happening in the local community.
Despite the Wellington property market experiencing growth upwards of 20 percent across the region, we expect this to slightly settle over coming months, which should ease some pressure on first-time buyers.
If you want to enter the property market, ensure you work with a trusted mortgage adviser to gain a better understanding of the local housing trends, and receive expert advice on the right mortgage that fits your needs and lifestyle.
Contact us for expert advice on your options.