Wellington NZ

PHOTO: Wellington – New Zealand

The nights may be getting cooler now but the top end of Wellington city’s residential property market certainly isn’t.

In fact, many of the central city’s hottest suburbs have only been getting hotter, with the waterfront suburbs of Seatoun ($2,190,324) and Roseneath ($2,054,674) recently surpassing the $2-million average house mark, according to the latest figures from Quotable Value (QV).

The next most expensive suburbs of Kelburn ($1,541,041) and Mount Victoria ($1,463,245) remain some way off yet, but QV area manager Paul McCorry warned that at the city’s current rate of house price growth it mightn’t be too long before they cross the same threshold.

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“Wellington is relatively unique in that the upper end of the housing market is actually out-performing the entry-level suburbs that are traditionally targeted by investors and first-home buyers. As a result, property owners in our most expensive suburbs have been making some serious capital gains over the past year,” he said.

The latest QV House Price Index data, which is due to be released next week, will give greater insight into how recent Government policy changes have affected the wider market – but Mr McCorry said early indicators suggested the top end of the market had been broadly unaffected so far.

READ MORE VIA QV

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