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House values up $500,000 in 5 years in 22 Wellington suburbs

Report from OneRoof
Sixty-seven suburbs across New Zealand saw house values rise by at least $500,000 over the last five years, an amount that way outstrips most people’s pay cheques for the same time frame. According to OneRoof’s latest house price index figures, Auckland is home to biggest number of big-money suburbs, accounting for 28 on the list, but Wellington is not far behind, boasting 22 suburbs that have seen lifts of half a million dollars or more.

The median value of Oriental Bay has risen 70% – $915,000 – over the last five years to $2.22 million.

Seatoun, which is home to Wellington’s film industry, saw its median property value rise $755,000 to $1.715m and Mount Victoria, with its historic houses and commanding views, rose by $710,000 to $1.345 million.

Also in Wellington, Crofton Downs, an inner city suburb undergoing plenty of development, has seen its median value rise by $590,000 to $1.140 million, in line with other Wellington suburbs, such as Newton, Churton Park, Wadestown, Karori, Houghton Bay, Brooklyn, Melrose, Wilton, Berhampore, Aro Valley and Island Bay.

Areas such as Miramar and Mount Victoria are seeing strength back in the owner occupier market.

When Covid-19 hit, first home buyers jumped straight in but now we’re seeing that switch around to that traditional owner occupier market and we’re seeing them begin to come into their own value-wise.

Seaside havens have also seen dramatic increases over five years. In the Hawke’s Bay, the seaside village of Waimarama has seen the average value go up by $607,000 to $1.61 million, and Whangamata, in the Thames-Coromandel, is up $545,000 to $1.035 million.

Read the full report here.

5 comments:

  1. Justin, 3. March 2021, 9:28

    I will never be able to purchase a home in Wellington for my family. We will most likely have to live somewhere else. This makes me sad beyond belief. [via twitter]

     
  2. Katrina Bennett, 3. March 2021, 9:29

    It has to change if we want to live in a diverse city with people of all ages & from all walks of life. Its current trajectory is turning Wellington into a city for the wealthy. [via twitter]

     
  3. Claire, 3. March 2021, 12:46

    This is a problem, fueled by low interest rates and covid ie extra money from no travel and low savings rates, which has actually helped the economy. There are still cheaper apartments in the CBD around $400,000 – jump in to those. Get in the market. Normally house prices double in ten years.

     
  4. bsmith, 3. March 2021, 13:19

    Katrina. Why wouldn’t it be. Name me a capital city, anywhere in the world, that isn’t expensive. Comes with the territory.

     
  5. Marion Leader, 3. March 2021, 13:47

    If Justin and his family were able to buy a house in Wellington, he wouldn’t possibly have any money left over to pay the increased rates which are being planned by those on the Council who couldn’t care less about the rest of us.