House Prices in Wellington

Upmarket House, New Zealand
Upmarket House, New Zealand

Average House Prices for Selected Wellington Suburbs 2012 – 2017

LocationMarch 2017May 2016May 2015May 2014May 2013May 2012
Wellington – Central$516,000$456,000$471,000$472,000$450,000$448,000
Wellington – Eastern$719,000$619,000$561,000$557,000$553,000$510,000
Wellington – Hutt Valley$448,000$388,000$358,000$365,000$348,000$337,000
Northern Wellington$618,000$540,000$477,000$485,000$463,000$448,000
All Wellington Area$486,000$427,000$405,000$401,000$395,000$380,000

Market Analysis

The prices in the table above are medians taken over 12 month periods (10 months to March 2017), sourced by the Real Estate Institute of New Zealand.

According to the data from REINZ, Wellington house prices have risen by over 27 percent over the past five years. The rolling 10 month median price in March 2017 for the whole of Wellington is now over $480,000.

REINZ Regional Director, Mark Coffey commented in the July 2017 report that, “The Wellington market is slow due to the low number of listings, winter, the elections and tight lending criteria. We’re also seeing a number of first-time buyers missing out by putting in offers with conditions. However, we believe all this will improve as spring approaches.”

Figures from Quotable Value show that the average property value in the whole of Wellington over the three months to July 2017 was $724,202. House values in Wellington are 14.3 per cent higher than in July 2017. The Western Suburbs had the highest average property value at over $834,000. North Wellington with an average property value of $558,101 was the only area (from City & Southern, Western, North and Eastern Areas) to have an average property value below $600,000.

QV Valuer David Cornford said, “Stock levels in Wellington are very low, with approximately only six weeks of supply left on the market and it’s possible this is due to winter not being a favoured time to list properties for sale. A tightening of supply along with a decrease in demand has resulted in a relatively stable market in Wellington.”

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