14 Sep 2015

Wellington house prices take a tumble

2:00 pm on 14 September 2015

Wellington is the only major centre where house prices have dropped in the last two years, according to figures from a real estate website.

House for sale in Titahi Bay, Wellington.

A house for sale in Titahi Bay, Wellington (file photograph). Photo: RNZ / Alexander Robertson

Realestate.co.nz compared the average size and asking-price for listings of houses and townhouses on its website in the first half of 2013 to prices during the same period this year.

The price per square metre for Wellington properties fell 2.6 percent and the average asking price came down from nearly $527,000 to just over $512,000.

In contrast, the average house price in Auckland has risen dramatically to just over $970,000 and the price per square metre has risen to $8,500 - an increase of more than 75 percent since 2013.

Houses in Canterbury also increased by 3.6 percent per square metre, with the average asking price rising 7 percent, from almost $452,000 to just over $485,000.

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