Reserve Bank Announcement Bonus for Wellington Home & Garden Show

Wellingtonians will be amongst the sector of first home buyers nationwide who should be better off after Monday’s confirmation from the Reserve Bank that it is pushing ahead with new loan restrictions. These will see most property investors need a deposit of at least 40 per cent from the start of October (unless it is for a new dwelling), which will potentially reduce the number of active investors in the market.

The average house price in Wellington last month was $643,986 according to the latest figures released on QV.co.nz yesterday. The 17.7% rise from August last year confirms that the housing market continues to boom. Many Wellington homeowners who can’t afford to upgrade to another property are renovating.

Pieter Geill, Senior Valuer for Bayleys Valuations Wellington, says “The market is very strong in all sectors. We are seeing more and more people choosing to do up their houses, rather than try to buy new properties. They prefer renovating because the costs are more certain than if they were trying to buy another house and they are more likely to get what they want.”

Daniel Joll, company director of the Wellington Home & Garden Show, the region’s largest and longest-running home show, believes that both factors are good news for the event as it gears up to open later this month.

“Kiwis love their homes and we’re expecting a huge turnout from visitors when the show kicks off on Friday 23rd, as they look to improve what they have or settle into a new property. It’s the only home show in Wellington this spring-summer and the Westpac Stadium will be packed with over 220 exhibitors showcasing the latest ideas, trends, products and massive show-only specials. It makes it so easy for show visitors because everything is under the one roof”, Mr. Joll said.

“The show also opens in perfect time to provide visitors with all the inspiration, advice and products they need to crack into their spring home improvement projects. Landscaping, garden art, kitchens, bathrooms, furniture, homeware will all be on display, plus everything in between. As part of all that, there will be an urban courtyard display garden, several sculptors and over 40 metres of wall-hung art. We also think that the chance to win The Hits $20,000 home prize package, will be a real drawcard.”, Mr. Joll said.

For more information, visit www.homeandgardenshow.co.nz

Wellington Home & Garden Show

Westpac Stadium, Waterloo Quay

23-25 September 2016

Fri, Sat & Sat 10am – 5pm

Adults $8, seniors $5 (Friday), under 16 free

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