What will my money get me in Masterton?

Masterton NZ denisbin flickr

Posted 51 days ago by Pope & Co. Mortgages

Masterton, a large town in the picturesque Wairarapa, is a great place to buy property right now. Known as a hidden gem to locals, and winner of the most beautiful town in 2017, Masterton has a lot to offer potential buyers.

Brent Woodmass of Property Brokers in Masterton, says the town offers the package deal.

“Masterton has great weather, is not far from the ocean, or hills, has good infrastructure, shopping, schools and a thriving farming and business community. Employment is also growing in the area,” says Brent.

Masterton is growing in popularity and is still good value for buyers. According to QV reports in June 2019, the average house value in Masterton was $385,212 compared to $345,910 in June 2018—up 11%.

“If you’re interested in the area now is a good time to look as prices are likely to increase. The market is buoyant and from talking to builders and developers I believe it’s likely to stay that way for the next four to five years.”

In Masterton there is a mix of older style homes and cottages with great character, 1950s style homes, modern homes and new subdivisions that have been developed over the last three to four years. Trademe has a mix of listings available as does realestate.co.nz.

“Nearby, South Wairarapa is also popular with people wanting to commute to Wellington as it’s a bit closer. However, this means prices are higher. Sections are going for around $385,000 in Martinborough, while an average house price in Greytown is around $750,000 and Carterton is getting more expensive ($500,000+). You can still buy a house in Masterton for around $440,000,” says Brent.

Masterton and the Wairarapa compare well to Wellington city where the median house price was $760,000 in July 2019 and $685,000 in June 2019, according to REINZ Monthly Property Report.

REINZ Monthly Property Report July 2019 – Wellington Region Trends

 

Median Price

 

Volume Sold

District

Jul-19

Jun-19

Jul-18

Jul-19

Jun-19

Jul-18

 

Carterton District

377,000

380,000

340,000

18

21

18

Kapiti Coast District

590,000

600,000

542,500

68

65

75

Lower Hutt City

 

585,000

575,000

525,000  

123

151

138

Masterton District

390,000

395,000

280,000

56  

 

45

27

Porirua City

700,000  

670,000

587,500

46

59

42

South Wairarapa District

475,000   

 

470,000

485,000

16

22

18

Upper Hutt City

 

555,000

 

590,000

465,000

63

69

74

Wellington City

 

760,000

685,000

725,000

207  

 

246

189

Of course lifestyle is an important consideration when deciding where to buy property. Masterton enjoys a mild, temperate climate grading towards a Mediterranean climate with highs above 30°C possible. The warm summers, with hot and dry days but cooler nights, are perfect for growing grapes such as Pinot Noir and Sauvignon Blanc. Masterton and the surrounding area, including Martinborough, has beautiful vineyards that feature on the classic New Zealand wine trail.

People often move to Masterton wanting to get away from bigger cities but to enjoy the buzz of a town with a great climate. It also not far from Wellington city, with a scenic train ride of 1 hour and 40 minutes.

“I see people coming from Tauranga, Rotorua, Hamilton and Auckland. Some people have moved here for the schools (good mix of public and private), and supportive community,” says Brent.

Masterton is a great area for those with families and is well served with sports grounds, playgrounds and parks such as Queen Elizabeth Park with its train, playground and boating lake.

Masterton has something different for everyone, and is the headquarters of the annual Golden Shears sheep-shearing competition. Movie Director, Peter Jackson, of Lord of the Rings fame is also reported to have a home just out of Masterton. Read more information about Masterton and the surrounding area.

Craig from Pope & Co. Mortgages says if you are a first-home buyer, it’s not impossible to get into your first home in today’s lending environment, but it is important to speak with your trusted mortgage broker first. Even if you have bought property before, it’s wise to get advice on the current mortgage options that are best for you.

Pick up the phone and call us on 0800 000 517 for a no obligation chat.

 

Image credit: Masterton New Zealand. Summer annuals in the main town park by denisbin (CC BY-ND 2.0)

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