Karori in $600k club

Last updated 05:00 15/01/2014

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Residential Property

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The average value of a house in Wellington's western suburbs has cracked the $600,000 mark for the first time.

Values in the area, which includes Karori, Kelburn, Northland, Wadestown and Wilton, climbed 3.2 per cent in the past year to reach an average $608,941.

The 2013 Property IQ Value Index, published by Quotable Value yesterday, showed the average value of a house in Wellington City as a whole at $533,651.

That's nearly $68,000 above the national average, but still well below the Auckland average of $693,549.

Christchurch's average has grown nearly 13 per cent in the past year, compared with 10 per cent nationally, but is still relatively affordable at $455,264.

Property IQ research analyst Nick Goodall said the growth in values in Wellington's western suburbs was no greater than many others, but prices were consistently higher.

"It's not necessarily that it's grown more, it's that the prices have been higher for a significant period. Karori drives most of the value in those areas, and has done quite well over the last wee while."

Growth was likely to slow in the coming year, he said, and it was unlikely that other suburbs in the city would crack the $600,000 barrier.

The central and southern suburbs saw the most growth, with a bump of 3.9 per cent in the past year, and eastern and northern suburbs also continued a steady climb.

Harcourts real estate agent John Willcox said the numbers were in keeping with what he had seen in the market but he did not expect the growth to continue.

Tommy's Wellington City director David Platt said the city's growth was slim compared with other main centres, and it took only a few high-end sales to nudge up the average house values.

"The prices [in western suburbs] were dearer to begin with. Consistently Kelburn, Wadestown, city-end Karori probably has the biggest quantity of higher-end properties in Wellington anyway.

"There's other pockets like Oriental Bay, Roseneath, but they're quite small suburbs."

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- The Dominion Post

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