House Prices in Wellington

Upmarket House, New Zealand
Upmarket House, New Zealand

Average House Prices for Selected Wellington House Types 2015 – 2018

Property Typemid 2018mid 2017mid 2016mid 2015
House with 5+ bedrooms$847,200$809,400$743,750$766,000
House with 3 – 4 bedrooms$615,800$552,850$492,150$453,600
House with 1 – 2 bedrooms$445,350$412,400$358,700$303,500
Apartments$520,100$488,300$437,100$392,300
Townhouses$514,350$455,450$434,600$379,600
Units$389,650$303,550$289,200$261,500

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.

Head of Trade Me Property Nigel Jeffries said “In the capital, the average asking price for apartments, townhouses and units rose 18 per cent on this time last year.”

According to the data from REINZ, Wellington median house prices have risen by over 16 percent in the last 12 months to August 2018.

Their August 2018 report noted that, “The level of inventory available for sale currently sits at seven weeks, two weeks less than in August 2017. This is the lowest (in terms of weeks) level of inventory of all the regions.”

Nick Goodall Cornford from Corelogic NZ said about the NZ property market, “The QV House Price Index for September (2018) illustrates there are still pockets of strength in the market as we head into the warmer, often more popular, months for market activity.”

He continued, “While some of the macro-economic factors (GDP growth, net migration) which influence the property market are weakening, we can’t ignore the influence of credit availability and with banks dropping mortgage interest rates, and subsequently increasing their loan book, demand is holding up.

The short term supply situation, as measured by properties on the market, also remains low across most of the country, excluding Auckland. And while we’ve seen the typical spring lift begin to occur already, overall levels are historically low, which means some price pressure persists for those properties currently on the market.”

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

Return to the NZ House Prices page.

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