House Prices in Wellington

Upmarket House, New Zealand
Upmarket House, New Zealand

Average House Prices for Selected Wellington House Types 2016 – 2019

Property Typemid 2019mid 2018mid 2017mid 2016
House with 5+ bedrooms$937,800$847,200$809,400$743,750
House with 3 – 4 bedrooms$673,050$615,800$552,850$492,150
House with 1 – 2 bedrooms$476,650$445,350$412,400$358,700
Apartments$534,200$520,100$488,300$437,100
Townhouses$629,000$514,350$455,450$434,600
Units$300,550$389,650$303,550$289,200

Market Analysis

The prices in the table above are average asking prices taken over a 3 month period, sourced by Trade Me Property.

This method uses an “80% truncated mean” of the expected sale price. This method excludes the upper and lower 10% of listings by price, and then averages the expected sale prices of the remaining properties.

Trade Me Property’s Aaron Clancy said “It’s full steam ahead for the Wellington property market after average asking prices rose $54,750 in just 12 months.”

He continued, “Since July 2014 average asking prices in the Wellington region have jumped 54 per cent. It’s not showing any sign of slowing down either, with the last two years seeing the most rapid increases. With the spring selling season around the corner we expect to see a flurry of activity in the market and we think more record asking prices are likely in the capital.”

According to the data from REINZ, Wellington Region median house prices have risen by over 14 percent in the last 12 months to July 2019.

Their July 2019 report noted that, “Wellington experienced a stronger seasonal market compared to July last year with the median house price increasing to $630,000, an increase of 14.5% from $550,000. The number of properties sold in the $750,000 – $1,000,000 price bracket increased annually from 13.4% in July 2018, to 22.8% in July 2019 which has likely generated the growth in median price.”

Kelvin Davidson from Corelogic NZ said about the NZ property market, “The market is ticking along with no real shocks foreseeable that could push it drastically off course. First home buyers remain a key group driving demand, although we’re also starting to see signs of a revival amongst investors with only one or two rental properties – the ‘mums and dads’.”

He continued, “It wouldn’t be a surprise to see this holding pattern stay in place in September and October, before those larger milestones of potential LVR and bank capital rule changes roll around in November.”

Wellington house prices from 2012 – 2017 are tabled on this page.

Return to the NZ House Prices page.

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