The prices in real estate in Upper Hutt, in the Wellington region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per m² in Upper Hutt has had a strong decrease during the last 6 months. In January, the average price per m² was $913. In February this price pretty much remained the same at a value of $929 per m². The price for the following two months in (March, April) had a considerable decrease of 51 with regard to the prior two months. The price per m² has had a considerable deflation of 72 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of $695.75 to $501 during May, and June.
Based upon to the price in Upper Hutt (suburbs), this has fallen considerably in the last 6 months. In our first sample month during January, the average price is $560,000. In February This price remains at $557,438. During the following two months (March, April) the average price had a considerable reduction of 63 % with regard to the previous two months. During the last two months, the average price has reduced with regard to the previous ones. To be precise it has gone down 86 %, going from $455,734.5 to $391,166.5 in May and June.