This monthly we’re providing you something a little different. Below we have a business update on Wellington for you, including the latest on consumer confidence, spending, the economy, and the events that are impacting our Capital.
Wellington City’s economic performance and consumer confidence remains relatively high, despite the impacts we’re having on some economic activity. Our steady population growth also continues as people are increasingly migrating to our wonderful Capital.
Spending by tourists in Wellington City surpassed $2 billion, increasing by 7.7% in the December 2019 year. Though the Coronavirus will affect international visitor numbers in 2020, domestic consumers remain relatively upbeat with their spending, in fact it’s believed the virus may encourage more Kiwis to take their holidays closer to home, Wellington always being a hot spot for tourists whether they be kiwis or overseas visitors.
Fortunately, the economic performance that is affected by the drought and virus is expected to quickly rebound. Westpac explains in their March report that the economy tends to recover very rapidly from droughts, and already the reported number of Coronavirus cases in China are falling steadily and China’s factories are gradually re-opening. An economic recovery is expected by September 2020 across New Zealand.
Here at HiAtlas we are still getting steady demand for furnished apartments with March's available properties being snapped up quickly, we'd love to hear from you if you have any requirements or have a property that would fit in our portfolio.