The price has climbed 9.9 per cent on last year to reach NZ$602,950, says data from the latest Trade Me Property Price Index.

The national average asking price hit a new high in October, climbing 6.6 per cent on last year to NZ$664,950.

Many districts in the Wellington region broke records during October, Nigel Jeffries, head of Trade Me Property, says in a press release.

“The latest rateable value update by Wellington City Council has seen the average rateable value climb about 45 per cent, which is incredible growth in just three years.

“While homeowners will be happy, those people trying to get their foot on the first rung of the Wellington property ladder will be finding it much harder,” Jeffries says.

In the last six months, the average asking price in Wellington has jumped up a solid NZ$31,550, he says.

Jeffries says Wellington Central (up 9.4 per cent on last year to NZ$721,450), Porirua (up 13.4 per cent to NZ$640,450) and Upper Hutt (up 11 per cent to NZ$539,850) reached new highs, while Lower Hutt (up 8.4 per cent to NZ$559,050) remained at September’s high.

Medium house (3 to 4 bedrooms) prices have risen the most in the Wellington region, with the average asking price hitting a new high of NZ$637,550, up 11.9 per cent on October last year.

First published 20 November 2018

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