Only 3.3 per cent of homes in Wellington and Porirua have sold this year, making them New Zealand’s most tightly held cities, according to Homes.co.nz. The lack of supply of houses has contributed to the country’s low numbers of properties for sale, pushing house prices to record highs. Among Wellington suburbs, Strathmore Park had just 2 per cent turnover of properties since the start of the year, and Newtown and Kelburn had 2.2 per cent turnover, said Homes.co.nz chief data scientist Tom Lintern. Cities nearly as tightly held as Wellington and Porirua were Gisborne, Dunedin and Christchurch, with 3.9 per cent of properties selling. Homes.co.nz data also showed Auckland’s median house price was now above $1 million, up 13.2 per cent on a year ago.

Source: Stuff November 04, 2020 22:07 UTC