Wellington regional property market insights

In November 2024, the average property price in Wellington was $807,450, according to Trade Me Property data. This was an increase of 0.2% compared to October, but down 2.3% compared to November 2023.

There was a month-on-month increase in the number of Wellington properties available for sale on Trade Me Property in November, with 3,256 advertised on our site. In October 2024, this figure was 2,988, while, in November 2023, there were 2,464 properties for sale in Wellington on Trade Me Property.

The cost of renting a home in Wellington in November 2024 was $650, according to our data. This was static compared to October 2024, and year-on-year.

The number of homes available for rent in the capital was up 7.5% in November compared to the month before, with 3,430 rental properties available on Trade Me Property in November 2024. Year-on-year, this was up a whopping 49.7% compared to November 2023, when renters had a choice of 2,455 Wellington rental properties on our site.

Among people surveyed in our September 2024 Property Pulse survey* who were seeking to buy a home in the Wellington region:

• 13.6% were currently in the process of buying a home.
• 16.1% were just thinking about buying a property.
• 11.6% were looking to buy a property in the next year.
• 15.9% were looking to buy a property in the next 1-2 years.

Of the respondents who’d ideally buy a property in the Wellington region, 58.4% agreed that now is a good time to purchase a home in the capital. Would-be buyers in the Wellington region say they would be most willing to compromise on the size of the garden/outdoor spaces in order to stay within their buying budget, compared to a range of five other options including size of the section, location and property condition.

Interested in how quickly properties change hands in Wellington? Of the respondents looking to sell a home in the Wellington region:

• 14.8% had owned their current home for more than five years.
• 9.6% had owned their current home for 3-5 years.
• 11.3% had owned their current home for 1-2 years.
• 0% had owned their current home for 6-12 months.
• 11.1% had lived in their current home for fewer than 6 months.

Of respondents looking to sell a home in the Wellington region:

• 9.6% were currently in the process of selling a property.
• 16.2% were just thinking about selling a property.
• 11.3% were looking to sell a property in the next year.
• 14.8% were looking to sell a property in the next 1-2 years.

As the seat of Aotearoa’s parliament, and the base of our government, Wellington/Te Whanganui-a-Tara plays an important role in the life of our entire nation.

However, it’s important to understand that the Wellington region refers to more than just the capital city itself. In addition to Pōneke, within the Wellington region are the following major districts:

• Carterton

• Kāpiti Coast

• Masterton

• Porirua

• South Wairarapa

• Upper Hutt

• Lower Hutt

A total of 550,500 people live within the Wellington region, according to the June 2023 census, with nearly half of these residents (215,200), living within the capital city itself. Many more commute to work, or work remotely, for businesses or organisations based within Wellington city.

According to Statistics New Zealand data from 2018, important industry sectors within the Wellington region ICT, business and finance, engineering and health and construction. Another obvious employer in the region is the central government, which is the biggest employer in the capital. There are also opportunities for employment in education, thanks to the presence of many schools and colleges, as well as campuses for universities including Te Herenga Waka/Victoria University of Wellington, Massey University and the University of Otago.

*Data from Trade Me Property Pulse Survey 2024. 1,572 total responses, 274 responses from the Wellington Region.