This is the busiest I’ve seen our local property market in years
It’s been a while since I looked at the recent sales in Upper Hutt but if you have been counting the sold signs you will have seen a lot!
February was a great month for sales with 100 dwellings confirmed sold, much better than the last two February figures of 82 and 67. There is no doubt that record prices are being achieved and that’s down to a population growth in Upper Hutt combined with low interest rates. This flies in the face of what’s happening in Auckland where most property stories seem to originate but the simple reality is that we are in a different part of a property cycle. Also, it shows that there is life outside of our biggest population centre.
Regular readers may notice that I use the term “dwellings” when I talk about the number of properties, this is because the new developments are not included in the statistics, part of this will likely be how people are buying them, as land and build packages but if they were added to our yearly annual total the number of sales would be considerably larger. For example, the Real Estate Institute show 843 sales in 2018 but that number jumps to over 1200 when a different report is published.
This also confirms that in terms of numbers this is the busiest I’ve seen our local property market in my 15 years of selling here.
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