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Saturday, 25 November 2017 08:25 pm

Kaikoura quake, flexible work behind Wellington region property trend

Oct 19th, 2017 | By | Category: Editor's Picks, Front Page Layout, Lead Story, News

Working from home and living out of the city centre are boosting the property market in the far reaches of the Wellington region – some by more than 20%.

“The 2016 quake turned everything on its head, says valuer Gwendoline Callaghan.

“Since the November 2016 earthquake everything has been turned on its head and so many buildings are now unavailable for occupancy, putting pressure on demand and causing the office rental market to rise,” says Callaghan, director of valuation at Colliers International Wellington.

“Those further out areas are becoming more accessible for people with flexible working arrangements being possible and more people working from home.

“All of this has been facilitated by the fallout from the earthquakes where people had to work at home and realised that they could actually manage it.

“There was an article in the local paper last week saying that building consents had increased by 100% in towns in the Wairarapa.”

The average residential sale price rising by 8% in the historically slow South Wairarapa over the past 12 months, according to industry database Property Guru.

Callaghan has first-hand knowledge of benefits including price and a lifestyle with a range of different recreational activities in the wider region.

“You can still buy a section in Featherston for $115,000, whereas a section in Wellington is going to cost you over $300,000, and the access to the great outdoors doesn’t hurt either,” says Callaghan, who lives in a converted bank in Featherston.

“Kapiti has got new roading improvements like the Kapiti Expressway, which is creating an expansion in residential developments and improved access for commuters.

“It is also solid ground and subject to less seismic risk than Wellington City,” says Callaghan.

In the last year the average residential sale price on the Kapiti Coast has gone up 21%.

The Hutt Valley has seen the release to the market of land which was not formerly available to residential development, which doesn’t exist to the same degree in Wellington,” says Callaghan.

In the last year the average residential sale price for Upper Hutt has risen 16%.

Callaghan in 2014 became the first female Life Member of the New Zealand Institute of Valuers and Property Institute of New Zealand.

 

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