Upmarket House, New Zealand
Average House Prices for Selected Wellington Suburbs 2011 – 2016
|Location||May 2016||May 2015||May 2014||May 2013||May 2012||May 2011|
|Wellington – Central||$456,000||$471,000||$472,000||$450,000||$448,000||$475,000|
|Wellington – Eastern||$619,000||$561,000||$557,000||$553,000||$510,000||$505,000|
|Wellington – Hutt Valley||$388,000||$358,000||$365,000||$348,000||$337,000||$350,000|
|All Wellington Area||$427,000||$405,000||$401,000||$395,000||$380,000||$395,000|
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 risen by 8 percent over the past five years. The rolling 12 month median price in May 2016 for the whole of Wellington is now over $420,000.
REINZ Regional Director, Euon Murrell commented in the May 2016 report that, “The supply of properties on the market has fallen almost 60 percent over the past 12 months and is now just over seven weeks of supply.” He continued, “As a result, properties that are on the market are getting significant numbers at open homes, with properties selling well above registered valuation. The jump in the median price since February is simply a lack of supply and very strong demand.”
Figures from Quotable Value show that the average property value in the whole of Wellington over the three months to June 2016 was $625,319. House values in Wellington are 14.4 per cent higher than in June 2015. The Western Suburbs had the highest average property value at over $728,000. North Wellington with an average property value of $548,069 was the only area (from City & Southern, Western, North and Eastern Areas) to have an average property value below $600,000.
QV Valuer Pieter Geill said, “We are seeing all properties selling, even monolithic sheathed homes, properties with poor interior layout or with little sun that would have had strong buyer resistance a year ago. It appears buyers are prepared to make compromises to enable them to buy a home.”
Return to the NZ House Prices page.