Wellington City property values have fallen by nearly a quarter since 2021, according to new valuations from the council.
The new numbers will soon be sent to owners via a Notice of Rating Valuation which will be delivered to 82,591 properties.
The valuation, which takes place approximately every three years, was prepared by Quotable Value on behalf of Wellington City Council, and outlines the likely selling price for a property at the date of revaluation, 1 September 2024.
The latest analysis has found concerning results however, with no suburb safe from the marked decline.
The value of residential housing decreased 24.4% since 2021, with the average house value now sitting at $1,086,000.
The average land value also decreased 36.7% to an average of $621,000.
“It will come as no surprise to anyone that demand for residential housing in the capital city has not been as strong as what it was three years ago.” QV Chief Operating Officer David said.
“Since our last revaluation, there has been an increase in housing supply, which paired with reduced demand and higher borrowing costs, has ultimately led to lower values… the cost-of-living crisis, high interest rates, remote working and public sector job cuts have all resulted in higher vacancy rates and lower rents.”