Wellington Property Boom ?

[FeverPitch]

Hi

I'm puzzled to why Auckland's property market is booming as Wellington remains flat ?

I remember back in 2007 the Welly market caught up with Auckland's boom - is this likely to happen again ?

http://www.stuff.co.nz/business/money/68222217/aucklands-housing-bubble-expected-to-spread

https://www.qv.co.nz/resources/news/article?blogId=193

We have students, we have businesses we also have packed hills with limited space to build more houses (unless you go north). And interest rates are low.

I recall a few years ago John Key saying Wellington is dying - I wondered what he was going to do to reverse this perception.

Wellington doesn't seem like an industry hot spot compared to Auckland. They rave on about the film industry but the Hobbit films are done. A kiwi business owned success story recently moved from Wellington to Auckland. I heard businesses struggling to find premises big enough and earthquake proof in the Wellington CBD.

A decision on Wellington's run way extension will be made June 2016 - will this prove to be the catalyst Wellington needs ?

thanks Fever

[eri]

wellington is even more constrained for growth than auckland

if they had understood the earthquake issue better 150? years ago

they never would have moved the capital

[Tan]

Wellington is on a fault line, Auckland is on volcanoes.

I suspect there is more concern about fault lines at the moment, but a larger factor has to be that the rest of the world is closer & more accessible to Auckland than Wellington.

[speights boy]

Hi
I'm puzzled to why Auckland's property market is booming as Wellington remains flat ?

Foreign (mainly Asian) buyers....or their relatives already in Auckland buying on their behalf.

[elguapo]

A decision on Wellington's run way extension will be made June 2016 - will this prove to be the catalyst Wellington needs ?

No, because no one wants to fly widebodies in/out of Wellington anymore than they do out of Tauranga.

[Bingo85]

Not that no one wants to fly wide bodies into Wgtn it's just that its not needed are my thoughts. Most countries just have one main "hub" (akl) with some also having a secondary hub (chch). Look at UK with London and Manchester, Japan with Tokyo and Osaka, Italy with Milan and Rome, Germany with Munich and Frankfurt. the list goes on.
Also Even though the hobbit films are done with Weta workshops is still a big employer (30000 if I recall correctly) in miramar.
I do think Wgtn and the rest on NZ needs a bit more recognition from immigrants. The whole country is great to live in and if you can put together enough funds and confidence to move away from your home country you should be able enough to get a job in most towns and cities in the world.
I read an article in the herald about an Asian immigrant crying because he queued up for one of those lots in beech lands and missed out. He was moaning about how NZ shouldn't be like this and it's not fair that NZ is "so" hard to live in and he just wants a good life for his family. If that was the case maybe he should have looked elsewhere such as south of the bombays.
Or was that just a show for the media and he was looking to cash in on akl boom?

[speights boy]

I'm puzzled to why Auckland's property market is booming as Wellington remains flat ?

Divine Retribution.

The map that shows Wellington is 'godless' capital of New Zealand

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11447376

[PC]

Just merge a few councils.
That'll fix it.

[genius]

Wellington is wet, cold, windy and full of earthquakes!!!
Wellington even according to our PM is "dying" - how do you expect a boom there? Just not enough jobs/migration happening there!

[eri]

presumably part of the pressure

pushing ak to becoming a mega-city, housing half the population

is that there is no 2nd supercity to absorb growth

chch is down for the count and on those shifting sands never likely to grow as tall

and wet, windy, landlocked wellington is waiting to be levelled

ak may have volcanoes

but they work on cycles of thousands of years

not hundreds

[PTILoveYou]

Cause no one wants to live in Wellington???

At least I know most Chinese immigrants either come to Auckland or a smaller % go to CHCH.

[eri]

been to a bakery

in rural nz gary?

[PTILoveYou]

been to a bakery

in rural nz gary?

Let me guess, those are run by Chinese immigrants?

[eri]

providing bread + fish'n'chips for the nation

along with increasing amounts of cambodians etc

[Eugene]

wellington is even more constrained for growth than auckland

if they had understood the earthquake issue better 150? years ago

they never would have moved the capital

They did know.

160 years ago the 1855 Wairarapa earthquake occurred with an estimated magnitude in the range of 8.1 to 8.3. In Wellington, close to the epicentre, shaking lasted for at least 50 seconds

The intensity was MM10 using the Modified Mercalli intensity scale, with 1 representing the weakest of shaking, through to 12 representing almost complete destruction.

Significant uplift occurred in Wellington City, most noticeably around Wellington Harbour, altering the city's shoreline considerably. Today, Wellington's Basin Reserve sports ground sits on land lifted by this earthquake; the area had previously been part of a waterway that led into the harbour.

Wellington experienced severe shaking but the resulting damage was reduced as the city had been extensively rebuilt following the 1848 Marlborough earthquake using mainly wooden structures; only one recorded fatality occurred.

Today Wellington has the toughest building standards in the country and many buildings in the city – both prominent and less well-known – have been
strengthened in recent years.