House Prices in Wellington

Upmarket House, New Zealand
Upmarket House, New Zealand

Average House Prices for Selected Wellington Suburbs 2009 – 2014

Location May 2014 May 2013 May 2012 May 2011 May 2010 May 2009
Wellington – Central $472,000 $450,000 $448,000 $475,000 $499,450 $398,000
Wellington – Eastern $557,000 $553,000 $510,000 $505,000 $525,000 $480,000
Wellington – Hutt Valley $365,000 $348,000 $337,000 $350,000 $345,000 $332,000
Northern Wellington $485,000 $463,000 $448,000 $454,000 $457,000 $439,000
All Wellington Area $401,000 $395,000 $380,000 $395,000 $390,000 $370,000

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 2014 for the whole of Wellington is now over $400,000.

REINZ Chief Executive, Helen O’Sullivan commented in the May 2014 report that, “first home buyers remain largely absent from the market and investors appear to be taking a ‘wait and see’ approach given recent increases in wholesale interest rates. Attendances at open homes have dropped, although vendor’s price expectations are still reasonably firm.”

Figures from Quotable Value show that the average property value in the whole of Wellington over the three months to May 2014 was $535,962. House values in Wellington are 2.0 per cent higher than in May 2013. The Western Suburbs had the highest average property value at almost $608,000. North Wellington with an average property value of $458,564 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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