Karori in $600k club

Last updated 05:00 15/01/2014

Relevant offers

Wellington

Tony Award-nominated show about demonic puppet opens at Wellington's Circa Theatre Wellington City Council poised to sell Shelly Bay land for 'fraction' of its true value, developers say Department of Conservation furious after rare falcon shot dead on the Kapiti Coast Author and poet Tourettes bringing his own style of teaching to the capital Garbage Valley: Disgust, finger-pointing over capital's polluted Owhiro Stream Some tenants still out of Nokia House as opinions diverge after invasive quake tests Borer and leaks plague 60 per cent of inspected Wellington homes Dancers delight as multicultural Wellington celebrates diversity CuriousCity: The factory that still operates on a Bata economy Man seriously injured in Wellington after crash involving cyclist and car

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."

Ad Feedback

- The Dominion Post

Special offers
Opinion poll

What should happen with the Zephyrometer?

Build a new one just like the old one

Replace it with something completely new

Leave it as it is!

Clear the space - not a good place for a sculpture

Vote Result

Related story: Wind wand's future up in the air

Featured Promotions

Sponsored Content