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Nine million-dollar suburbs in Wellington as property values skyrocket

Three suburbs that posted average valuations exceeding one million dollars in the 2015 QV adjustment– Seatoun, Oriental Bay and Kelburn – have been joined by six more in the latest round, as values in those suburbs leap nearly 50 per cent.

But the increases shown in Broadmeadows, Hataitai, Khandallah, Mount Victoria, Northland, Te Aro and Thorndon were surpassed by even bigger percentage leaps in Newlands, Paparangi, Tawa and Woodridge (where average values now exceed $600,000), with the biggest jump of 55.8 per cent taking place in Berhampore, Mt Cook and Newtown (averaging $860,000).

Across the city as a whole, the valuations show residential house prices up by an average 44.6 per cent, a huge increase compared to the 6.6 per cent increase posted in 2015 for the previous three-year period.

The rating valuations are conducted by QV for the Wellington City Council to adjust rateable values to better reflect market values.

New rating values will be sent to property owners from 14 November, with owners able to lodge objections to their RVs until the deadline of 20 December.

Adjusted rates bills will be issued on 1 July 2019.

The council has said that it will raise rates at an average 3.5 per cent per year until 2021, and an average 4 per cent per year until 2028.