Eastern suburbs are hot property
House prices in Wellington's eastern suburbs are increasing at more than double the rate of the city's average prices.
Wellington city property prices have increased by 2.4 per cent over the last year to an average of $512,580, valuation firm QV says.
The city's eastern suburbs saw prices leap 5.3 per cent to an average of $555,409 in the same period.
Values in the greater Wellington region have increased by 2.1 per cent over the past year to $446,437, compared to a national average gain of 4.6 per cent to $423,667, according to the latest QV index.
Nearly all of Wellington's gain took place in the second half of last year.
QV research director Jonno Ingerson said nationwide property values are just 0.8 per cent below the previous market peak in late 2007, largely due to relatively few houses available for sale creating a sellers market and driving prices up.
"Wellington is showing the first signs of heading that way too," Mr Ingerson said.
Lower Hutt prices gained 1.2 per cent to $370,590, Upper Hutt was ahead 1.9 per cent at $353,503 and Porirua up 2.2 per cent to $402,015.
In the Wairarapa, Masterton prices fell 2.4 per cent to an average of $234,358, but Carterton rose 6.1 per cent to $248,225.
South Wairarapa prices were up 3.1 per cent to $311,649.
The Dominion Post