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Newtown apartments sell off the plans as house prices keep rising

The Wellington property market is showing no sign of slowing down, at a time of year when prices are expected to stall.

TradeMe reports that the average asking price for Wellington homes rose 0.2 per cent in June, to $581,500.

“There are plenty of buyers actively looking at properties in the capital,” said Head of Trade Me Property Nigel Jeffries, citing a 15 per cent increase in the number of properties being watchlisted compared to last year.

The most popular property on Trade Me in July was a one-bedroom apartment in Wellington central which received 158 enquiries.

Townhouses in Wellington reached record average asking prices in July, up 17.7 per cent to reach $536,050.

The demand for compact, central accommodation was in evidence last week with the news that a housing development in Newtown has sold 41 of its 56 two-bedroom apartments off the plans.

Artist impression of the Constable Street frontage of The Village complex, Newtown

Developers Craig and Greg Walton have been granted resource consent for ‘The Village’, a complex of six, four-storey buildings located at 16-18 Constable Street and 13 Newtown Avenue. The sites are currently occupied by three buildings and a car parking area.

“The coming six months will be an interesting time for the capital and we could see average asking prices crack $600,000 for the first time,” Jeffries said.

The national average asking price four houses fell in July by 1.4 per cent on June, driven by a 1.8 per cent dip in the Auckland region.