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Rural property sales boost Wellington recovery

Mar 2nd, 2010 | By | Category: Front Page Layout, Latest News, News

ADDRESS CHANGE: Homes in rural Te Horo are selling fast

ADDRESS CHANGE: Homes in rural Te Horo are selling fast

THE WELLINGTON economy is rebounding fast, according to a new report detailing economic activity across the country in the three months to December 2009.

The National Bank’s Regional Trends report says Wellington bounced back from a 0.9% drop in economic activity in the September quarter with a 1.9% increase in the following three months.

The quarterly percentage increase was the Wellington region’s highest since 2005.

A big jump in new housing consents fuelled the overall increase in economic activity. At 22%, Wellington’s quarterly rise was almost triple the 8% growth recorded nationally.

While house sales were down significantly – 9.4% fewer dwellings were sold than in the September quarter – rural real estate experienced a mini boom.

Against a 3% drop nationwide, rural property sales lifted by 11% in the Wellington region.

ACTION CITY: Wellington's reputation is drawing regional homebuyers

ACTION CITY: Wellington's reputation is a major draw

Grant Robertson, the rural real estate manager at First National Otaki, says he had a very strong end to the year after a “pretty diabolically slow” 2008.

“For example, we had 35 to 40 Te Horo listings sitting on our books in December 2008, but a year later we were down to only about five.

“It was a real clear-out.”

He thinks the popularity of the Kapiti Coast lifestyle blocks is largely down to the region’s proximity to the capital.

“Wellington City is very well perceived among rural buyers. The arts, sport, lifestyle – it’s an ‘action city’ that people want to be close to.

“I’ve had interest from people as far away as South Canterbury and the Coromandel looking to move.”

Mr Robertson says the recent confirmation of a number of major roading projects, including Transmission Gully and the Western Link, has added to the region’s appeal.

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is a graduate from Whitireia's National Diploma in Journalism (Multimedia) who now works at Metro magazine in Auckland. While on the diploma programme she won the North & South Feature Writing Award.
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