Upmarket House, New Zealand
Average House Prices for Selected Wellington House Types 2016 – 2020
| Property Type | mid 2020 | mid 2019 | mid 2018 | mid 2017 | mid 2016 |
|---|---|---|---|---|---|
| House with 5+ bedrooms | $1,044,990 | $937,800 | $847,200 | $809,400 | $743,750 |
| House with 3 – 4 bedrooms | $719,700 | $673,050 | $615,800 | $552,850 | $492,150 |
| House with 1 – 2 bedrooms | $563,000 | $476,650 | $445,350 | $412,400 | $358,700 |
| Apartments | $662,650 | $534,200 | $520,100 | $488,300 | $437,100 |
| Townhouses | $671,400 | $629,000 | $514,350 | $455,450 | $434,600 |
| Units | $485,150 | $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 commented on the August 2020 numbers “Wellington City which saw a significant 40% increase in demand when compared to August last year.”
He continued, “properties for sale in Wellington are receiving a lot of interest within hours of being listed.”
According to the data from REINZ, Wellington Region median house prices have risen by over 12 percent in the last 12 months to August 2020.
Their August 2020 report noted that, “In August, the Wellington region remained active and saw an increase in median prices to $720,000, up 12.8% on last year. The Lower Hutt District and Upper Hutt District also achieved record median prices of $670,000 and $663,200 respectively.”
The report continued, “There has been more demand for apartments in Wellington Central as well as demand for homes in the outer suburbs for people who want to move out of the city after spending lots of time in a small apartment during the lockdown period.”
Concerning Wellington property values, the third quarter 2020 report from Corelogic NZ stated, “The wider Wellington property market has been resilient in recent months, with values having risen across the board since June – ranging from 0.6% in Masterton up to 5.0% in South Wairarapa. Kapiti Coast, Porirua, and Upper Hutt have all had gains since June of about 3% or more.”
It continued, “Perhaps reflecting the higher level of prices (almost $900,000) and tougher affordability, Wellington City itself has been a little more subdued in terms of growth, but 1.3% in the past three months and 8.7% over the past year are still relatively strong figures.”
Wellington house prices from 2012 – 2017 are tabled on this page.
Return to the NZ House Prices page.