Property Market
5 min read
What's happening with Upper Hutt house prices?
Council area of Wellington
Author: Ed McKnight
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 Upper Hutt house prices?
The average price of an Upper Hutt property is $727,731 (QV, January 2026).
Upper Hutt house prices are up 0.76% over the last three months (REINZ). And they are 0.94% up over the last 12 months.
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Quick Facts
- The average price of an Upper Hutt property is $727,731 (QV, January 2026)
- Over the last 3 months property prices in Upper Hutt have gone up 0.76%
- Upper Hutt property prices increased 4.74% per year (on average) in the 20 years between January 2006 - January 2026 (REINZ)
- The average rent in Upper Hutt is $599 per week (Tenancy Services, November 2025)
How are Upper Hutt property prices changing?
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 25.19% compared to their peak. That means prices have risen 4.93% since the bottom of the market.
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Where is Upper Hutt in its property cycle?
At the absolute bottom of its property cycle, Upper Hutt was 20.12% undervalued.
Today, property prices in Upper Hutt are overvalued 1.14%.
That suggests there is neither a buying or selling opportunity in Upper Hutt.
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Upper Hutt suburb prices
I track the value of 16 suburbs in Upper Hutt. The most expensive suburb is Riverstone Terraces, which has an average house value of $1,012,650. While the most affordable suburb is Maoribank, which has an average house value of $606,900.
Over the last 24 months of all Upper Hutt suburbs (January 2024 - January 2026, Wallaceville had the fastest-growing house prices. They have gone up 8.21% over that period.
The suburb that fell the fastest over that period was Te Marua. Property values in this suburb fell by 11.66% over those 2 years.
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What is the Upper Hutt rental market like?
Here's how rents are changing in Upper Hutt. Over the last four years (November 2021 - November 2025) the median rent has gone up $49 a week. That's 2.16% a year (on average).
Over the last 12 months, rents have gone down. They are down 8.55% ($56 a week) year on year.
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Are properties selling above or below CV in Upper Hutt?
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 Upper Hutt property market?
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.
Which suburbs in the Upper Hutt property market have the highest yields?
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.
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.
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This property market information is for your general information. It’s not financial advice. See here for details about our Financial Advice Provider Disclosure. So Opes isn’t telling you what to do with your own money.
We’ve made every effort to make sure the information is accurate. But property markets change, and we occasionally get the odd fact wrong. Make sure you do your own research or talk to a financial adviser before making any investment decisions.
You might like to use us or another financial adviser.