Wairarapa housing market not flash

A line of new houses in Armstrong Avenue, Carterton, subdivision, with a sign for stage 5 sections for sale and bare land at rear.

Wairarapa's property market is steadying but still not "flash", a property expert says.

Real Estate Institute of New Zealand (REINZ) data showed the median price of a Wairarapa property was $265,000 in April - a $39,000 increase on March and $22,500 increase on April 2014.

The number of properties sold was steady, up by five from March and three from April 2014.

Meanwhile, Trade Me property data showed a 4.3 per cent increase in average asking price year-on-year in the Wellington region - which includes Wairarapa.

Harcourts Wairarapa managing director Prue Hamill said Wairarapa needed out-of-town buyers.

"We know what's going on in the Auckland market and it's pleasing that they're not trying to slow the regional market because we haven't been flash.

"Our median may have increased - which is possibly out-of-towners coming and buying at the higher end of market - but our numbers aren't changing.

"It's still very fair to say people can get very good value for property in the Wairarapa."

The market was still positive for buyers, she said.

"I think it's still a buyers' market though I have been selling quite a few multiple offer properties.

"People are not procrastinating as much as they were. They're being a bit more realistic and seem to be making better decisions. First home buyers are coming back in to the market which helps."

Ms Hamill hoped loan-value-ratio (LVR) restrictions in Auckland would have a trickle-down effect on the region.

Last week the Reserve Bank announced new LVR limits, requiring borrowers in the Auckland Council area to have a deposit of at least 30 per cent from October 1.

"I'd like to think Wairarapa would benefit from the restrictions but we also have to look at how to create job opportunities for people coming down."

The national median price was $455,000 for April - a decrease on March but an increase of $22,750 on April 2014.

NZME.