Value of Wellington homes up 47 per cent in three years

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Press Release – New Zealand Property Institute
New data shows that the residential value of NZ cities is closing in on $1 trillion. The big jump in value, between 2015 and 2018, is in a new report released by the Property Institute and property market data company Valocity.

In Wellington, the value of residential property rose from around $60,191 billion in 2015 to $88,639 billion in 2018 (47.26%). The most valuable suburb in Wellington is Oriental Bay with a median value of $1.9 million.

The most reasonably priced suburb in Wellington is Timberlea with a median value of $369k.

The Wellington suburb with the biggest movement in value is Moera with an increase of 68% between 2015 and 2018.

The Wellington suburb with the smallest movement in value is Melling with an increase of 19% between 2015 and 2018,

The report shows that the value of residential housing in all the main centres is also up – although the impact of this growth in value is uneven with Tauranga at one extreme with growth of 63.27% and Christchurch at the other extreme with growth of just 11.6% over the 3 years.

In all cases, except Hamilton, price growth in 2017 was the same, or greater than 2016.

Auckland is now worth $469 billion (up from $344 billion in 2015)
Christchurch is now worth over $67 billion (up from around $60 billion in 2015)
Tauranga is now worth over $34 billion (up from around $21 billion in 2015)
Hamilton is now worth around $28 billion (up from around $18 billion in 2015)
Dunedin is now worth almost $17 billion (up from around $12 billion in 2015)

Property Institute of New Zealand Chief Executive Ashley Church says the biggest surprise in the report is the finding that…………..

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2018-03-28T13:01:41+00:00