House Prices in Wellington

Upmarket House, New Zealand
Upmarket House, New Zealand

Average House Prices for Selected Wellington Suburbs 2010 – 2015

Location May 2015 May 2014 May 2013 May 2012 May 2011 May 2010
Wellington – Central $471,000 $472,000 $450,000 $448,000 $475,000 $499,450
Wellington – Eastern $561,000 $557,000 $553,000 $510,000 $505,000 $525,000
Wellington – Hutt Valley $358,000 $365,000 $348,000 $337,000 $350,000 $345,000
Northern Wellington $477,000 $485,000 $463,000 $448,000 $454,000 $457,000
All Wellington Area $405,000 $401,000 $395,000 $380,000 $395,000 $390,000

Market Analysis

The prices in the table above are medians taken over 12 month periods, sourced by the Real Estate Institute of New Zealand.

According to the data from REINZ, Wellington house prices have remained relatively stable over the past five years. The rolling 12 month median price in May 2015 for the whole of Wellington is now over $400,000.

REINZ Regional Director, Euon Murrell commented in the May 2014 report that, “there appears to be more first home buyers and investors in the market, with an increase in the number of open home attendees, although listings remain about the same.”

Figures from Quotable Value show that the average property value in the whole of Wellington over the three months to June 2015 was $546,577. House values in Wellington are 2.0 per cent higher than in June 2014. The Western Suburbs had the highest average property value at over $629,000. North Wellington with an average property value of $479,607 was the only area (from City & Southern, Western, North and Eastern Areas) to have an average property value below $500,000.

QV Valuer Kerry Buckeridge said, “Wellington’s westerns suburbs are in demand with values on the rise and the average value there has now is now $628,804. First home buyers have been active in Porirua as the high cost of homes closer to the city centre excluding most first home buyers, particularly now they need a 20% deposit.”

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