Porirua Real Estate Update

Median house prices in the Wellington Region reached $1,000,000 in December 2021, a 24.2% annual increase. Within Wellington City we saw a record median house price, with this figure climbing to $1,161,000. The number of new listings has remained fairly inactive, seeing only a 2.6% increase. However, inventory is up 206.6% from this time last year. This demonstrates that properties are spending longer on the market, something which can be attributed to new lending criteria that is making the buying process more difficult. If the lending criteria remains in place, this stagnancy is expected to continue.

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