What's happening with Wellington City house prices?

Council area of Wellington

Explore Wellington City's property market for the latest trends, house prices, market cycles, rental yields, and top investment suburbs

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.

Last Updated: 24 Mar 2025

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What's happening to Wellington City house prices?

The average price of a Wellington City property is $956,548 (CoreLogic, February 2025).

Quick Facts

The average price of a Wellington City property is $956,548 (CoreLogic, February 2025)
Over the last 3 months property prices in Wellington City have gone up 1.83%
Wellington City property prices increased 4.56% per year (on average) in the 20 years between February 2005 - February 2025 (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.

Where is Wellington City in its property cycle?

At the absolute bottom of its property cycle, Wellington City was 16.06% undervalued.

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 $1,693,050. While the most affordable suburb is Wellington Central, which has an average house value of $430,900.

Over the last 24 months of all Wellington City suburbs (February 2023 - February 2025, Southgate had the fastest-growing house prices. They have gone up 3.83% over that period.

The suburb that fell the fastest over that period was Northland. Property values in this suburb fell by 10.73% over those 2 years.

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).

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)?”

Where do house prices grow the fastest in the Wellington City property market?

Where do house prices go up the fastest in Wellington City?

Which suburbs in the Wellington City property market have the highest yields?

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

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.