Property Market
5 min read
What's happening with Wellington City 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 Wellington City house prices?
The average price of a Wellington City property is $913,788 (QV, January 2026).
Wellington City house prices are down 1.09% over the last three months (REINZ). And they are 3.69% down over the last 12 months.
Loading...
Quick Facts
- The average price of a Wellington City property is $913,788 (QV, January 2026)
- Over the last 3 months property prices in Wellington City have gone down 1.09%
- Wellington City property prices increased 3.72% per year (on average) in the 20 years between January 2006 - January 2026 (REINZ)
- The average rent in Wellington City is $600 per week (Tenancy Services, December 2025)
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 28.33% before bottoming out in December 2025.
Today, Wellington City house prices are down 27.85% compared to their peak. That means prices have risen 0.67% 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 15.70% undervalued.
Today, property prices in Wellington City are undervalued 15.45%.
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 $1,661,600. While the most affordable suburb is Wellington Central, which has an average house value of $414,350.
Over the last 24 months of all Wellington City suburbs (January 2024 - January 2026, Grenada Village had the slowest-falling house prices. They have gone down -1.22% over that period.
The suburb that fell the fastest over that period was Kingston. Property values in this suburb fell by 13.02% 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 (December 2021 - December 2025) the median rent has gone up $ a week. That's 0.00% a year (on average).
Over the last 12 months, rents have gone down. They are down 6.98% ($45 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.
The area in Wellington selling the highest vs CV is Kapiti Coast District where house prices are current selling 4% above CV.
The area in Wellington selling the lowest vs CV is Porirua City where house prices are selling 6% below 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?
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.
The suburb in Wellington with the highest capital growth rates between January 2000 and December 2025 was Cannons Creek, which grew at 8.2% per year. (Cotality)
The next highest growth suburbs over the same period was Waitangirua (8.2% per year), and Featherston (7.6% per year).
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.
The suburb in Wellington with the highest yield is Kuripuni, which has an estimated gross yield of 5.5%.
That is followed by Featherston (5.4%), and Waitangirua (5.3%).
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.
Current Property Listings
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.