Everything goes up except Wellington house prices

Tuesday, 15 July 2025

Wellington house prices have fallen 4.4% in the last year.

As the costs of just about everything goes up, house prices around the Wellington region have again gone down.

Food has gone up, construction costs have skyrocketed, rates across the country have increased, but Wellington house prices have now fallen another 4.4% to an average price of $760,000.

Real Estate Institute figures released on Tuesday showed while the median house price was unchanged nationally, Wellington was still going down.

REINZ’s new chief executive Lizzy Ryley said most vendors in Wellington were realistic about asking prices because they are motivated to sell.

Kāpiti was one of only two of the Wellington region’s areas where the house prices have risen, from $770,000 to $790,000 in the last month. Porirua also rose from $828,500 to $850,000.

She said attendance at open homes was quiet due to the winter setting in; however, there was an increase in private viewings.

Around the region, Kāpiti rose from $770,000 to $790,000 in the last month, Porirua rising from $828,500 to $850,000, while the rest fell. Lower Hutt went from $745,000 to $700,000, Upper Hutt from $ 725,000 to $718,000 and Wellington City now $860,000 down from $885,000.

Ryley said market sentiment was influenced by reduced interest rates, and buyers feared missing out on the lower prices in case the market increased over the next few months.

Local agents were predicting more listings would come to market over the next few months, she said.

Across the country there was an increase in the number of sales compared with the same time last year with the median price remaining unchanged at $770,000.

Out of the sixteen regions, ten had seen an increase in average price with the biggest being the West Coast, up 35.5% from $310,000 to $420,000.

Otago increased 15%, Marlborough was up 21% and Southland reached a record high in its median price at $502,500 – the first record median price in any region since January.

The only South Island drop was Christchurch, which was down 2.2%.

In the North Island, the biggest increase was Hawke’s Bay with 5.7%.

“We’re seeing a market that is steady on the surface but with some movement underneath at a regional level. The unchanged national median price suggests stability, yet this reflects contrasting regional dynamics, with some areas experiencing renewed growth year-on-year,' Ryley said.

The number of properties sold across the country increased by 20.3% year-on-year, increasing from 4,877 to 5,865.

With June being typically a quiet month for real estate and with the seasonal slowdown expected, sales came in slightly below typical early winter levels.

”Nationally, seasonally adjusted sales fell by around 5%, suggesting some caution in the market, but compared to this time last year, sales remain significantly stronger overall,” said Ryley.

There were 676 auction sales reported in June, representing 11.5% of all sales with the number of days to sell going up by three days to 50 days.

“While properties are still selling, the increase in median days to sell indicates that buyers are taking a more considered approach. This shift probably reflects a broader sense of caution, with many buyers feeling they have the time to explore their options, especially with the amount of choice they have.”

Ryley said most vendors had realistic price expectations and a willingness to adapt to current conditions especially if they were motivated to tell.

However, many were receiving offers below their anticipated value, prompting some to delay listing, or relisting, until spring or summer, when market activity may show signs of improvement.