Average House Prices for Selected Suburbs
Upmarket House, New Zealand
| Location | May 2012 | May 2011 | May 2010 | May 2009 | May 2008 | May 2007 |
|---|---|---|---|---|---|---|
| Wellington – Central | $448,000 | $475,000 | $499,450 | $398,000 | $395,000 | $420,000 |
| Wellington – Eastern | $510,000 | $505,000 | $525,000 | $480,000 | $520,000 | $495,000 |
| Wellington – Hutt Valley | $337,000 | $350,000 | $345,000 | $332,000 | $330,000 | $325,000 |
| Northern Wellington | $448,000 | $454,000 | $457,000 | $439,000 | $440,000 | $425,000 |
| All Wellington Area | $380,000 | $395,000 | $390,000 | $370,000 | $380,000 | $358,000 |
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 four years. The rolling 12 month median price in May 2012 for the whole of Wellington has now returned to the 2008 level of $380,000.
REINZ Chief Executive Helen O’Sullivan commented in the May 2012 report that, “the Wellington region is seeing continued weakness in prices, reflecting the cautious approach being adopted by buyers in the region. There is a good supply/demand balance for houses, although there remains a significant oversupply of apartments in Wellington City.”
According to Quotable Value the average sale price in the whole of Wellington over the three months to May 2012 was $507,090. House values in Wellington are 6 per cent lower than the market peak in 2007. The Western Suburbs had the highest average sale price at over $575,000. North Wellington with an average sale price of $438,367 was the only area (from City & Southern, Western, North and Eastern Areas) to have an average sale price below $500,000. QV Valuer Pieter Geill said: “Buyers across the region generally remain cautious, with confidence still dented by the possibility of further public service cuts.”
Return to the NZ House Prices page.