Expected sales ‘pick up’ didn’t occur
By Jeremy Smith
The wait for the opening of the Kapiti Expressway may be having a flow-on effect on the property market.
November is traditionally one of the ‘pick-up’ months for sales coming out of winter but this year it saw only 113 sales, all bar two for houses or units.
Fewer Kapiti house sales than usual
- In Paraparaumu, 27 properties changed hands most selling slightly above valuation. Paraparaumu Beach saw 17 sales with two over the million dollar mark.
- In Raumati, 13 properties were sold.
- In Waikanae, the figures were 21 sales for the town and 11 for the Beach.
Property prices for Otaki, including Otaki Beach ranged from $580,000 to $250,000 for 20 sales.
Long-time real estate identity Eddie Winckel said while top-line properties near beaches were moving, the local market had basically been flat for 12 months.
Winckel said that the lack of sellers meant many people who might have been looking to trade down to a smaller home could find nothing to suit.
He said when the new motorway did open, interest might focus on land with 150 new sections either approved or close to consent, mostly north of Waikanae.