Wellington’s fifty-four suburbs hit $ 1 million, latest CoreLogic research shows

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Seatoun is Wellington's most expensive suburb with a median value of $ 1.93 million, according to a study released by CoreLogic on Monday evening.  (File photo)

Monique Ford / Stuff

Seatoun is Wellington’s most expensive suburb with a median value of $ 1.93 million, according to a study released by CoreLogic on Monday evening. (File photo)

Wellington’s suburbs have become more expensive – now 54 of its suburbs have a median value of $ 1 million.

The increase in the region’s $ 1 million suburbs was up from the 42 recorded last quarter and Seatoun was the most expensive suburb at $ 1.93 million, according to a study released Monday by the provider of CoreLogic real estate data.

Almost all of the country’s suburbs have seen price increases of more than 10% in the past year – the areas that saw the biggest price increases were Manunui and Taumarunui in King Country, up 48.9 % and 47.9% for a median of $ 306,950 and $ 315,550 respectively. .

In Wellington, more than 70 suburbs had dollar earnings of $ 100,000 or more, while 20 of the region’s suburbs exceeded $ 300,000. Seatoun made a dollar gain in excess of $ 400,000.

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* Home values ​​exceed $ 100,000 in most of the country’s suburbs

Brad Olsen, senior economist and director of Infometrics, said the latest research from CoreLogic shows how out of reach Wellington is for many buyers.

“Wellington’s numbers didn’t surprise me, but it’s demoralizing for anyone who wants to enter the housing market,” Olsen said.

With 54 suburbs hitting the $ 1 million mark, that meant people would need a deposit of around $ 200,000 – that was a lot of money to shell out, he said.

Fifty-four of Wellington's 54 suburbs now have a median value of $ 1 million.  (File photo)

Ross Giblin / Stuff

Fifty-four of Wellington’s 54 suburbs now have a median value of $ 1 million. (File photo)

“The usual suburbs have become more expensive, but we are also seeing in the larger Wellington area the continued impacts of rising house prices such as Lower Hutt,” said Olsen.

“It’s certainly a combination of the inability to buy property in central Wellington and Covid-19 also means we don’t need to travel as much, so living further away from our workplaces is a much more viable and attractive option. “

Brad Olsen, senior economist and director of Infometrics, says regular suburbs have become more expensive, but the impacts of rising house prices could also be seen across Wellington, such as in Lower Hutt.  (File photo)

Bejon Haswell / Tips

Brad Olsen, senior economist and director of Infometrics, says regular suburbs have become more expensive, but the impacts of rising house prices could also be seen across Wellington, such as in Lower Hutt. (File photo)

The housing market was getting more expensive and Wellingtonians were choosing from a much more limited pool due to low housing stock, he said.

“It’s a tricky situation for anyone entering the housing market.

CoreLogic’s chief real estate economist Kelvin Davidson said Wellington’s market has been strong for several years and there is bound to be a boom with more suburbs hitting the million dollar mark.

Wellington's housing market has been strong for several years, said Kelvin Davidson, chief real estate economist at CoreLogic.  (File photo)

ROSA WOODS / Stuff

Wellington’s housing market has been strong for several years, said Kelvin Davidson, chief real estate economist at CoreLogic. (File photo)

“Wellington has the support of this public sector with higher average wages and that supports the market and helps push prices up a bit faster,” Davidson said.

“On the other hand, when you start at a higher level, you only need a small percentage to make a big change. ”

The analysis confirmed the widespread and widespread recovery in almost all of the suburbs over the past year, he said.

Kelvin Davidson of CoreLogic says the analysis confirmed the widespread and widespread recovery in almost every suburb over the past year.

Provided

Kelvin Davidson of CoreLogic says the analysis confirmed the widespread and widespread recovery in almost every suburb over the past year.

But the significant growth in values ​​nationwide has allowed many homeowners to “earn” more on paper just by owning a property than by going to work every day, he said.

“This is a wealth of paper that effectively comes at the expense of non-homeowners, and unfortunately for potential first-time homebuyers, the numbers once again underscore the challenges they face,” said Davidson.

“While the dollar’s gains look good on paper, if you’re an owner-occupier selling, you’ll only get a big profit if you’re looking to buy somewhere much cheaper, rather than trade. “

Low mortgage rates and fewer listings had pushed values ​​up across the board, but next year the outlook was that the pace of value growth would slow as lending rules tighten and rates rise. mortgages were increasing, he said.

Wellington’s 5 best suburbs

Seatoun: $ 1.93 million compared to $ 1.5 million in September 2020

Karaka berries: $ 1.82 million ($ 1.43 million)

Kelburn: $ 1.7 million ($ 1.32 million)

Wadestown: $ 1.53M ($ 1.19)

Khandallah: $ 1.51 million ($ 1.13)

Thing

Sold for $ 5.145 million, this four-bedroom house in Lower Hutt broke the previous record of over half a million dollars.

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