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).
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Quick Facts
- The average price of a Wellington City property is $913,788 (QV, January 2025)
- Over the last 3 months property prices in Wellington City have gone down 2.43%
- Wellington City property prices increased 3.79% per year (on average) in the 20 years between December 2005 - December 2025 (REINZ)
- The average rent in Wellington City is $595 per week (Tenancy Services, November 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.
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Where is Wellington City in its property cycle?
At the absolute bottom of its property cycle, Wellington City was 15.73% undervalued.
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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.
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What is the Wellington City rental market like?
Here's how rents are changing in Wellington City. Over the last four years (November 2021 - November 2025) the median rent has gone down $-50 a week. That's -2.00% a year (on average).
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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.
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.
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