Property Market
5 min read
What's happening with Wellington City house prices?
Council area of Wellington
Author: Ed McKnight
Our Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.
Reviewed by: Laine Moger
Journalist and Property Educator with six years of experience, holds a Bachelor of Communication (Honours) from Massey University.
What's happening to Wellington City house prices?
The average price of a Wellington City property is $1,036,825 (CoreLogic, June 2024).
Wellington City house prices are down 0.78% over the last three months (REINZ). And they are 6.70% down over the last 12 months.
Loading...
Quick Facts
- The average price of a Wellington City property is $1,036,825 (CoreLogic, December 2024)
- Over the last 3 months property prices in Wellington City have gone down 0.78%
- Wellington City property prices increased 4.51% per year (on average) in the 20 years between December 2004 - December 2024 (REINZ)
- The average rent in Wellington City is $650 per week (Tenancy Services, November 2024)
How are Wellington City property prices changing?
Wellington City house prices soared after the Covid-19 pandemic began. House prices started out 28% below the eventual peak of the market.
However, after that peak in October 2021, house prices fell 26.63% before bottoming out in May 2023.
Today, Wellington City house prices are down 25.33% compared to their peak. That means prices have risen 1.77% since the bottom of the market.
Loading...
Where is Wellington City in its property cycle?
At the absolute bottom of its property cycle, Wellington City was 16.12% undervalued.
Today, property prices in Wellington City are undervalued 12.58%.
That suggests there is a buying opportunity in Wellington City.
Loading...
Wellington City suburb prices
I track the value of 46 suburbs in Wellington City. The most expensive suburb is Seatoun, which has an average house value of $1,723,550. While the most affordable suburb is Wellington Central, which has an average house value of $447,750.
I track the value of just 1 suburb in Wellington City. It's called Wellington Central and you can see how the average property value is changing in the graph below.
I track the value of 46 suburbs in Wellington City. The most expensive suburb is Seatoun, which has an average house value of $1,723,550. While the most affordable suburb is Wellington Central, which has an average house value of $447,750.
Over the last 24 months of all Wellington City suburbs (June 2022 - June 2024, Paparangi had the slowest-falling house prices. They have gone down -0.20% over that period.
The suburb that fell the fastest over that period was Melrose. Property values in this suburb fell by 13.87% over those 2 years.
Loading...
What is the Wellington City rental market like?
Here's how rents are changing in Wellington City. Over the last four years (November 2020 - November 2024) the median rent has gone up $55 a week. That's 2.23% a year (on average).
Over the last 12 months, rents have gone down. They are down 1.52% ($10 a week) year on year.
Loading...
Are properties selling above or below CV in Wellington City?
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 grow the fastest in the Wellington City property market?
Where do house prices go up the fastest in Wellington City?
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.
Which suburbs in the Wellington City property market have the highest yields?
Gross yields vary widely depending on which suburb you chose to investigate.
So, which suburbs in the Wellington City property market have the highest gross rental yields?
Navigate the map to find the suburbs where houses produce the most cash for their investors.
Other property markets to look into
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.