Middle-income families can still get on the property ladder in the Wellington region, despite the average home value continuing to rise.
QV figures show the average house value across the region in May 2018 was $633,759, with the latest home affordability statistics from MBIE revealing 72.49% of renters are unable to ‘comfortably afford’ a new home.
Wellington is still well below the national statistics, indicating housing affordability is still within reach, particularly if you’re prepared to look further afield. Kapiti, Upper Hutt, Wainuiomata and South Wairarapa are all in an easy commuting distance from Wellington CBD, and there are affordable first homes—under $500,000 —available in each of these areas. All these areas also offer great family living.
Transmission Gully is due to open in just two years, which will reduce the commute and open the northern Wellington region like never before. If you’re looking to buy, now’s the time to look further beyond Wellington city.
Local Bayleys Real Estate Agent Andrea Corrigan believes home ownership is a realistic goal.
She recently sold a three-bedroom family home in Raumati Beach for $414,000 and encourages buyers to maintain perspective; there are many things you can compromise on, like location, or buying a house that needs some renovation.
Our advice is to set achievable goals and budgets and use KiwiSaver to your advantage. It’s a fantastic way to build your savings, particularly when you combine the power of two funds.
Once you start hitting your saving goals, work with a professional to establish what you can afford—we always recommend people don’t overextend themselves when it comes to a mortgage because it’s important you still enjoy life.
Our friendly team is always here to help and answer any questions you might have. Call us today on 0800 517 000.