Wellington property soars in value

Home values in every suburb throughout Wellington city now exceed $1 million, according to new council rating valuations – pushing homeownership even further away for first-home buyers. The latest QV figures showa jump of 60.4 per cent in average residential house values across the city. In 2018, the last time homeswere valued, there were just nine million-dollar suburbs. Now, every suburb is worth more than $1m, and there are four $2m suburbs: Seatoun, Oriental Bay, Roseneath and Kelburn. Infometrics principal economist Brad Olsen said home ownership in Wellington was nowthe domain of millionaires. ‘‘The growth is astronomical,’’ he said.‘‘Wellington really does seem to be millionaire’s paradise.’’ Suburbs considered comparatively affordable – Tawa, Miramar, Strathmore Park, Paparangi, Woodridge and Newlands – all saw increases north of 65 per cent. Tawa West, among those suburbs, saw the biggest increase – 70.6 per cent. By comparison, Mt Victoria and Thorndon saw smaller increases – 42 per cent and 39 per cent, respectively – although both suburbs inched towards an average value of $2m.