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Property prices keep rising; Wgtn average now over $600,000

Wellington’s average asking price cracked the $600,000 mark for the first time after climbing 9.9 per cent on last year to reach $602,950, according to the latest Trade Me Property Price Index.

The Wellington property market continued its upward trend in October with many districts in the region breaking records. “

The latest rateable value update by Wellington City Council has seen the average RV climb about 45 per cent which is incredible growth in just three years,” said Nigel Jeffries, head of Trade Me Property.

“In the last six months, the average asking price in Wellington has jumped up a solid $31,550 and while this rate of growth can’t continue forever, it looks set to stay for the foreseeable future.”

Mr Jeffries said Wellington Central (up 9.4 per cent on last year to $721,450), Porirua (up 13.4 per cent to $640,450) and Upper Hutt (up 11 per cent to $539,850) reached new highs, while Lower Hutt (up 8.4 per cent to $559,050) remained at September’s high.

Medium size house (3-4 bedrooms) prices have risen the most in the Wellington region, with the average asking price hitting a new high of $637,550, up 11.9 per cent on October last year.

Urban properties are favourited in Wellington with buyers looking at smaller properties such as apartments, townhouses and units.

The average asking price for urban properties (apartments, townhouses and units) in Wellington was up 10.4 per cent on the year prior to $484,100 in October.