New Trade Me figures show average house prices in the capital have dipped by over $120,000 since their peak back in March. The latest 7% price drop in Wellington over the year to October brings average prices to $871,050.
“What goes up must come down, and following the meteoric price increases seen in the Wellington market over the past few years, October marked a massive turning point for the region,” said Trade Me property sales director Gavin Lloyd.
But while the Wellington region may have become
more affordable less expensive, Wellington City itself remained the most expensive district with an average asking price of $972,900, followed by Porirua ($970,600) and Kāpiti Coast ($912,800).
Meanwhile, in Auckland, the average asking price in October was $1,147,950, up 2% on the month prior – though down 3% year on year. “The most expensive district in the Auckland region last month was Waiheke Island ($1,864,600), followed by North Shore City ($1,381,450), and Rodney ($1,332,600),” said Lloyd.
In the regions, it was a “mixed bag”, according to Lloyd. While some areas saw comparable price drops to Wellington, several regions were on the up. Taranaki, for example, registered a new record average asking price of $687,600 in October, while the West Coast was up 17% and Northland was up 12%.