What's happening with Upper Hutt house prices?

The average price of an Upper Hutt property is $761,577 (CoreLogic, June 2024).

Upper Hutt house prices are up 1.14% over the last three months (REINZ). And they are 6.05% up over the last 12 months.

Upper Hutt house prices soared after the Covid-19 pandemic began. House prices started out 35% below the eventual peak of the market.

However, after that peak in October 2021, house prices fell 29.22% before bottoming out in January 2023.

Today, Upper Hutt house prices are down 23.30% compared to their peak. That means prices have risen 8.36% since the bottom of the market.

At the absolute bottom of its property cycle, Upper Hutt was 20.09% undervalued.

Today, property prices in Upper Hutt are overvalued 3.99%.

That suggests there is a selling opportunity in Upper Hutt.

I track the value of 16 suburbs in Upper Hutt. The most expensive suburb is Riverstone Terraces, which has an average house value of $1,010,550. While the most affordable suburb is Maoribank, which has an average house value of $601,450.

I track the value of just 1 suburb in Upper Hutt. It's called Maoribank and you can see how the average property value is changing in the graph below.

I track the value of 16 suburbs in Upper Hutt. The most expensive suburb is Riverstone Terraces, which has an average house value of $1,010,550. While the most affordable suburb is Maoribank, which has an average house value of $601,450.

Over the last 24 months of all Upper Hutt suburbs (June 2022 - June 2024, Heretaunga had the slowest-falling house prices. They have gone down -2.64% over that period.

The suburb that fell the fastest over that period was Timberlea. Property values in this suburb fell by 7.81% over those 2 years.

Here's how rents are changing in Upper Hutt. Over the last four years (October 2020 - October 2024) the median rent has gone up $170 a week. That's 8.34% a year (on average).

Over the last 12 months, rents have gone down. They are down 4.62% ($30 a week) year on year.

One of the most common questions I get asked is: “Ed, are properties selling above or below their Capital Value (CV)?”

Some call it the RV (Rateable Value) or GV (Government Value).

Why do people care? Well, if you go on TradeMe (or another website), you’ll almost always see the council’s valuation for the property. So even if the seller hasn't advertised a price, you can get a feel for what the property might sell for.

This table shows whether the average property is selling above or below CV across Wellington.

Where do house prices go up the fastest in Upper Hutt?

This map lets you find out for yourself.

Each area represents a different suburb, and the colour of the area represents how quickly house prices have increased over the past 20+ years.

The redder the area ... the quicker house prices have grown in that suburb.

Gross yields vary widely depending on which suburb you chose to investigate.

So, which suburbs in the Upper Hutt property market have the highest gross rental yields?

Navigate the map to find the suburbs where houses produce the most cash for their investors.

If you found this article useful, then you might also like our analyses on the other property markets in New Zealand. You can read all about the Wellington property market here.

• Carterton District property market
• Kapiti Coast District property market
• Lower Hutt City property market
• Masterton District property market
• Porirua City property market
• South Wairarapa District property market
• Wellington City property market