Prospective home buyers have to brace themselves for a surge in prices in the Wellington market.
• Latest Trade Me Property data shows the avg. asking price in the capital rose 2.6% between January & February to a new record of $528,000.
• In the last 18 months, asking price has jumped by more than $100,000, setting 5 record prices in 6 months without signs of letting up.
• The huge numbers of people looking & the supply of houses for sale unable to match the demand resulted in the surge in asking price.
• As buyers look for the most affordable way into the property market, the data showed demand for small 1-2 bedroom houses had peaked in February.
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