House Prices in Wellington

Upmarket House, New Zealand
Upmarket House, New Zealand

Average House Prices for Selected Wellington Suburbs 2008 – 2013

Location May 2013 May 2012 May 2011 May 2010 May 2009 May 2008
Wellington – Central $450,000 $448,000 $475,000 $499,450 $398,000 $395,000
Wellington – Eastern $553,000 $510,000 $505,000 $525,000 $480,000 $520,000
Wellington – Hutt Valley $348,000 $337,000 $350,000 $345,000 $332,000 $330,000
Northern Wellington $463,000 $448,000 $454,000 $457,000 $439,000 $440,000
All Wellington Area $395,000 $380,000 $395,000 $390,000 $370,000 $380,000

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 2013 for the whole of Wellington has now returned to the 2011 level of $395,000.

REINZ Chief Regional Director Euon Murrell commented in the May 2013 report that, “The Wellington market continues to build momentum with a sellers’ market starting to emerge in the mid and lower price brackets and a reasonable balance of listings coming to market compared to sales volume.”

Figures from Quotable Value show that the average property value in the whole of Wellington over the three months to May 2013 was $524,558. House values in Wellington are 2.7 per cent higher than in May 2012. The Western Suburbs had the highest average property value at over $604,000. North Wellington with an average property value of $458,071 was the only area (from City & Southern, Western, North and Eastern Areas) to have an average property value below $500,000.

QV Valuer Pieter Geill said, “There is increased demand from buyers in the Hutt Valley for properties up to $400,000, as well as buyers looking around the $400,000-$600,000 mark. Property investors are also still active, with many purchasing low value homes before making a modest profit after making only small to medium sized renovations. They are also interested in blocks of flats.”

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