Authored by the expert who managed and guided the team behind the New Zealand Property Pack
Yes, the analysis of Wellington's property market is included in our pack
In this blog post, we'll cover the current housing prices in Wellington as of the first half of 2026.
We update this information regularly to keep you informed about the latest market trends.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Wellington.
Insights
- Wellington's median home value in January 2026 sits at NZ$778,000, roughly NZ$60,000 below the 2021 peak, showing the market has cooled from the pandemic-era surge.
- Buyers in Wellington hold stronger negotiation power in early 2026, with final sale prices typically landing 5 to 8 percent below initial asking prices due to elevated listing stock.
- Wellington Central apartments start around NZ$380,000, while Seatoun waterfront homes reach NZ$3 million and beyond, creating a price spread of nearly 8 times across the city's neighborhoods.
- New or recently built homes in Wellington command a 10 to 15 percent premium over existing properties, driven by better insulation standards and lower earthquake risk.
- Smaller central apartments in Te Aro and the CBD can cost NZ$12,500 per square meter, while larger family homes in outer suburbs average NZ$6,000 per square meter.
- Over the past year, Wellington housing prices have dropped roughly 1.5 percent in nominal terms, but when adjusted for New Zealand's 3 percent annual inflation, real prices fell closer to 4.5 percent.
- A typical Wellington City home costs around NZ$865,000 in January 2026, approximately NZ$87,000 more than the broader Wellington metro area median of NZ$778,000.
What is the average housing price in Wellington in 2026?
The median housing price gives you a better sense of what typical buyers actually pay, since it's not skewed by a few very expensive properties the way an average can be.
We're writing this in January 2026 using the latest data from authoritative sources like Cotality and Trade Me Property, which we manually verified for accuracy.
The median housing price in Wellington metro is NZ$778,000, which converts to roughly $445,000 or €383,000, while the average housing price is estimated around NZ$840,000, or about $480,000 or €414,000. For Wellington City specifically, the median is NZ$865,000 (around $494,000 or €426,000) and the average sits near NZ$950,000 (about $543,000 or €468,000).
Around 80 percent of residential properties in the Wellington market fall between NZ$400,000 and NZ$1,250,000, which translates to roughly $228,000 to $714,000 or €197,000 to €616,000.
A realistic entry range in Wellington runs from NZ$350,000 to NZ$450,000 (about $200,000 to $257,000 or €172,000 to €222,000), where you can find a one-bedroom apartment of around 35 to 45 square meters in Wellington Central or Te Aro edge neighborhoods, typically in older buildings with basic fit-out and limited parking.
Typical luxury properties in Wellington range from NZ$2.5 million to NZ$6 million (roughly $1.43 million to $3.43 million or €1.23 million to €2.96 million), which might get you a standalone or premium architect-renovated home of 300 to 450 square meters in areas like Seatoun, Oriental Bay, or Kelburn, often with strong views and quality outdoor space.
By the way, you will find much more detailed price ranges in our property pack covering the real estate market in Wellington.
Are Wellington property listing prices close to the actual sale price in 2026?
The estimated difference between listing prices and final sale prices in Wellington in early 2026 is around 5 to 8 percent, with most properties selling below their initial asking price.
This gap exists mainly because buyers hold more negotiating power when listing stock is elevated and sellers gradually adjust their expectations down. The difference tends to be larger for properties that have been on the market longer or those priced above comparable recent sales, while well-priced homes in desirable neighborhoods may see smaller discounts of 3 to 5 percent.
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What is the price per sq m or per sq ft for properties in Wellington in 2026?
As of early 2026, the median housing price per square meter in Wellington metro is around NZ$6,000 (roughly $3,430 or €2,960), which works out to about NZ$560 per square foot ($320 or €275). For Wellington City specifically, the median is closer to NZ$6,500 per square meter (around $3,715 or €3,200), or NZ$600 per square foot ($343 or €296).
Smaller central apartments in areas like Te Aro and the CBD tend to have the highest price per square meter in Wellington, sometimes reaching NZ$12,500 per square meter, because buyers are paying for prime location and harbor views rather than just floor space, while larger family homes in outer suburbs show the lowest price per square meter, often around NZ$5,800 to NZ$6,500, since you're getting more space but giving up walkability and accepting older building stock.
In Wellington in 2026, you'd find the highest price per square meter in neighborhoods like Seatoun and Oriental Bay, where waterfront and view properties can range from NZ$9,000 to NZ$15,000 per square meter or more. On the other end, areas like Johnsonville and outer Wellington suburbs show the lowest ranges, typically NZ$5,800 to NZ$8,200 per square meter.
How have property prices evolved in Wellington?
Property prices in Wellington have dropped about 1.5 percent over the past year compared to January 2025, mainly due to elevated mortgage rates that kept buyers cautious and a slowdown in public-sector hiring that affects Wellington's job market more than other New Zealand cities. When you account for New Zealand's 3 percent annual inflation, real prices have actually fallen closer to 4.5 percent.
Looking back two years to January 2024, Wellington property prices have declined roughly 3 to 4 percent in nominal terms, continuing the correction from the 2021 to 2022 peak driven by rising interest rates and affordability concerns. In inflation-adjusted terms, this represents a real decrease of around 9 to 10 percent over the two-year period.
By the way, we've written a blog article detailing the latest updates on property price variations in Wellington.
Finally, if you want to know whether now is a good time to buy a property there, you can check our pack covering everything there is to know about the housing market in Wellington.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in New Zealand versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
How do prices vary by housing type in Wellington in 2026?
In Wellington's housing market in 2026, roughly 50 percent of listings are standalone houses, 25 percent are apartments, 20 percent are townhouses or terraced homes, and 5 percent are smaller units or other property types, with the mix reflecting Wellington's geography and the push toward higher-density living near the city center.
As of early 2026, apartments in Wellington average around NZ$650,000 (roughly $371,000 or €320,000), townhouses and terraced homes sit near NZ$850,000 (about $486,000 or €419,000), standalone houses typically cost NZ$1.05 million (around $600,000 or €517,000), renovated character villas average NZ$1.40 million ($800,000 or €690,000), premium view homes run about NZ$2.20 million ($1.26 million or €1.08 million), and luxury trophy homes start from NZ$4 million ($2.29 million or €1.97 million) and can go much higher.
If you want to know more, you should read our dedicated analyses:
- How much do properties cost in Wellington?
- How much should you pay for a house in Wellington?
- How much should you pay for an apartment in Wellington?
- How much should you pay for a townhouse in Wellington?
- How much should you pay for a studio in Wellington?
How do property prices compare between existing and new homes in Wellington in 2026?
New or recently built homes in Wellington typically cost 10 to 15 percent more than existing properties of similar size and location in 2026.
This premium exists because new homes in Wellington offer lower maintenance costs, better insulation and heating that meets modern standards, and stronger seismic performance which matters more in this earthquake-prone city than in many other places.
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How do property prices vary by neighborhood in Wellington in 2026?
In Kelburn, you'll mainly find leafy character villas and hillside homes priced between NZ$1.10 million and NZ$2 million (roughly $629,000 to $1.14 million or €540,000 to €985,000) as of the first half of 2026, with prices driven up by proximity to Victoria University, strong school zones, and walkability to the CBD. In Thorndon, the market leans toward heritage townhouses and renovated character homes ranging from NZ$900,000 to NZ$1.70 million (about $514,000 to $971,000 or €443,000 to €837,000), popular because of easy access to government offices and the motorway while maintaining a village-like atmosphere.
Oriental Bay and Mt Victoria offer premium apartments and view houses that typically cost NZ$750,000 to NZ$1.35 million for apartments and up to NZ$3 million or more for houses (roughly $429,000 to $1.71 million or €370,000 to €1.48 million), attracting buyers who value waterfront lifestyle, dining options, and panoramic harbor views that command significant premiums.
You will find a much more detailed analysis by areas in our property pack about Wellington. Meanwhile, here is a quick summary table we have made so you can understand how prices change across areas:
| Neighborhood | Category | Typical Price Range | Price per SqM | Price per SqFt |
|---|---|---|---|---|
| Wellington Central | Commute / Entry | NZ$380k-650k $217k-371k |
NZ$8,500-12,500 $4,900-7,100 |
NZ$790-1,160 $450-660 |
| Te Aro | Popular / Nightlife | NZ$550k-950k $314k-543k |
NZ$9,000-13,500 $5,100-7,700 |
NZ$835-1,255 $477-716 |
| Mt Victoria | Popular / Views | NZ$750k-1.35M $429k-771k |
NZ$8,500-13,000 $4,900-7,400 |
NZ$790-1,210 $450-690 |
| Thorndon | Commute / Heritage | NZ$900k-1.70M $514k-971k |
NZ$7,500-11,500 $4,300-6,600 |
NZ$700-1,070 $400-610 |
| Kelburn | Expat / Schools | NZ$1.10M-2.00M $629k-1.14M |
NZ$8,000-12,500 $4,600-7,100 |
NZ$745-1,160 $425-660 |
| Karori | Family / Schools | NZ$900k-1.60M $514k-914k |
NZ$6,500-9,500 $3,700-5,400 |
NZ$600-880 $343-503 |
| Khandallah | Family / Premium | NZ$1.00M-1.80M $571k-1.03M |
NZ$6,800-10,200 $3,900-5,800 |
NZ$630-950 $360-540 |
| Newtown | Popular / Character | NZ$850k-1.45M $486k-829k |
NZ$7,000-10,800 $4,000-6,200 |
NZ$650-1,000 $370-570 |
| Island Bay | Family / Coastal | NZ$950k-1.70M $543k-971k |
NZ$7,200-11,000 $4,100-6,300 |
NZ$670-1,020 $383-583 |
| Miramar | Family / Coastal | NZ$850k-1.55M $486k-886k |
NZ$6,500-9,800 $3,700-5,600 |
NZ$600-910 $343-520 |
| Johnsonville | Value / Commute | NZ$700k-1.15M $400k-657k |
NZ$5,800-8,200 $3,300-4,700 |
NZ$540-760 $310-430 |
| Seatoun | Luxury / Coastal | NZ$1.40M-3.00M+ $800k-1.71M+ |
NZ$9,000-15,000+ $5,100-8,600+ |
NZ$835-1,395+ $477-797+ |
How much more do you pay for properties in Wellington when you include renovation work, taxes, and fees?
The estimated additional cost beyond the purchase price in Wellington in 2026 is typically 3 to 8 percent for standard transactions without major renovation, though this can jump much higher if you're planning significant upgrades or remediation work.
If you buy a property around NZ$350,000 (roughly $200,000) in Wellington, you'd likely add about NZ$15,000 to NZ$25,000 for building inspections, legal fees, LIM reports, and minor cosmetic work, bringing your total outlay to around NZ$365,000 to NZ$375,000 ($209,000 to $214,000).
For a property bought around NZ$875,000 (about $500,000), you'd typically add NZ$25,000 to NZ$45,000 covering lawyer and conveyancing costs, building and pest reports, valuation fees, loan setup, moving expenses, and potentially some initial repairs or updates, which pushes your total to roughly NZ$900,000 to NZ$920,000 ($514,000 to $526,000).
At the NZ$1.75 million level (around $1 million), you'd expect to add NZ$40,000 to NZ$80,000 for more thorough due diligence, higher-end legal work, insurance setup, and likely some immediate renovation or landscaping, bringing your all-in cost to approximately NZ$1.79 million to NZ$1.83 million ($1.02 million to $1.05 million).
Meanwhile, here is a detailed table of the additional expenses you may have to pay when buying a new property in Wellington
| Expense Type | Category | Estimated Cost Range |
|---|---|---|
| Lawyer / Conveyancing | Fees | NZ$1,800-3,500 (roughly $1,030-2,000). This covers title searches, contract review, settlement coordination, and all legal paperwork required to transfer property ownership in New Zealand. |
| Building Inspection | Fees | NZ$600-1,200 (about $340-690). A qualified building inspector checks the property's structural condition, identifies defects, and assesses maintenance issues before you commit to purchase. |
| LIM Report | Fees | NZ$300-700 (around $170-400). The Land Information Memorandum from the local council reveals zoning, consents, building permits, and any council-known issues with the property. |
| Valuation | Fees | NZ$900-1,500 (roughly $510-860). Banks often require an independent valuation to confirm the property's market value before approving your mortgage. |
| Loan Setup / Broker | Fees | NZ$0-2,000 (about $0-1,140). Some lenders charge application or establishment fees, though many brokers in New Zealand work on commission from lenders rather than charging buyers directly. |
| Moving Costs | Fees | NZ$800-3,000 (around $460-1,710). Professional movers, truck rental, packing materials, and temporary storage can add up depending on how much you're relocating. |
| Minor Cosmetic Refresh | Renovation | NZ$5,000-25,000 (roughly $2,850-14,300). Painting, new flooring, minor repairs, or basic updates to make the property move-in ready without major structural work. |
| Medium Renovation | Renovation | NZ$30,000-120,000 (about $17,100-68,600). Kitchen or bathroom upgrades, new appliances, rewiring, or replumbing sections of the house to modernize key living areas. |
| Major Renovation | Renovation | NZ$150,000-400,000+ (around $85,700-228,600+). Full weathertightness remediation, structural strengthening for earthquake compliance, complete interior gut and rebuild, or significant additions to the home. |
We made this infographic to show you how property prices in New Zealand compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What properties can you buy in Wellington in 2026 with different budgets?
With $100,000 (about NZ$175,000) in Wellington in January 2026, there's essentially no standard residential property market at this level, though you might occasionally find a very small leasehold studio situation or a carpark, but these are rare and highly specific arrangements rather than typical home purchases.
With $200,000 (roughly NZ$350,000), you could get a studio or very small one-bedroom apartment of 30 to 40 square meters in an older building near Wellington Central fringe, or a one-bedroom apartment needing some refresh work in the CBD edge area, both as existing properties.
With $300,000 (about NZ$525,000), you'd be looking at a one-bedroom apartment of 40 to 55 square meters in Te Aro or Mt Cook edge as an existing property, or possibly a compact two-bedroom apartment of 55 to 70 square meters in Wellington Central fringe, though condition and building quality would vary.
With $500,000 (roughly NZ$875,000), you could buy a two-bedroom apartment of 70 to 85 square meters in Mt Victoria or Te Aro as an existing property, a two to three-bedroom townhouse of 100 to 120 square meters in Johnsonville as a newer build from the last decade or so, or a small three-bedroom house of 110 to 130 square meters in outer Wellington City as an existing property that often needs some work.
With $1,000,000 (about NZ$1.75 million), you'd have access to renovated three to four-bedroom family houses of 140 to 200 square meters in Karori as existing-renovated properties, character homes of 160 to 220 square meters in Thorndon fringe as existing properties in good condition, or view-oriented homes of 150 to 220 square meters on Island Bay hillsides as existing-renovated properties.
With $2,000,000 (roughly NZ$3.5 million), you're firmly in Wellington's premium market where you could buy a large view home of 250 to 400 square meters in Seatoun as new or fully renovated construction, a trophy home close to the waterfront of 250 to 450 square meters in Oriental Bay or Roseneath as a renovated property, or a high-end architect-designed home of 250 to 450 square meters in Kelburn as new or fully renovated construction.
If you need a more detailed analysis, we have a blog article detailing what you can buy at different budget levels in Wellington.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Wellington, we always rely on the strongest methodology we can and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source Name | Why It's Authoritative | How We Used It |
|---|---|---|
| Cotality Home Value Index | Cotality is a CoreLogic subsidiary that publishes widely used property index data built from large-scale sales and valuation records with transparent methodology and regular monthly reporting. | We used their November 2025 median value figures for Wellington area and Wellington City as our anchor points for typical sale prices. We also referenced their commentary on supply conditions and buyer leverage to support our asking versus sale price estimates. |
| Trade Me Property Pulse | Trade Me is New Zealand's largest mainstream property listings marketplace, so their asking price trends reflect what sellers are currently advertising at significant scale across the country. | We used their November 2025 Wellington Property Price Index showing average asking prices to represent listing prices. We then compared their asking price data to Cotality's sale and value benchmarks to estimate typical negotiation gaps between list and sale. |
| REINZ Market Updates | The Real Estate Institute of New Zealand is the industry body that publishes nationally referenced housing statistics and commentary used by banks, media outlets, and market analysts throughout New Zealand. | We used their November 2025 national and regional context to ensure Wellington's trend narrative stayed consistent with broader New Zealand market movements. We used it as a cross-check that late 2025 conditions showed stabilization rather than a boom. |
| Stats NZ CPI | Statistics New Zealand produces the official Consumer Price Index which is the authoritative inflation measure for New Zealand households and is used across government and financial institutions. | We applied CPI data at around 3 percent annually to calculate real price changes when adjusting nominal price movements for inflation. We used it to explain why inflation-adjusted comparisons matter for longer-term price trends. |
| RBNZ Exchange Rates | The Reserve Bank of New Zealand maintains official time series data for New Zealand dollar exchange rates and the trade-weighted index, serving as the authoritative source for currency conversion benchmarks. | We used late 2025 NZD to USD exchange rate levels as a practical proxy for January 2026 conversions when expressing Wellington property prices in US dollars throughout the article. |
| ECB EUR Reference Rates | The European Central Bank publishes official daily reference exchange rates for the euro against major currencies, providing the authoritative euro area conversion benchmark. | We used their published December 2025 EUR to NZD reference rate as a close proxy for January 2026 when converting Wellington property prices into euros for international readers. |
| Opes Partners Wellington Analysis | Opes Partners is a New Zealand property investment advisory firm that compiles suburb-level data and average values across Wellington City neighborhoods based on sales records and market trends. | We used their suburb benchmarks identifying Seatoun as the highest-priced area at around NZ$1.66 million average and Wellington Central as among the most affordable at about NZ$414,000. We applied these as anchor points for our neighborhood price ranges. |
| Exchange-Rates.org Historical Data | Exchange-Rates.org aggregates daily currency exchange data from multiple financial sources and provides historical series that track movements over time for major currency pairs. | We cross-checked our USD to NZD conversion rates against their December 2025 historical data to validate that our 1 USD to 1.75 NZD approximation was reasonable for early 2026 estimates. |
| Wellington City Council Fee Schedules | Local government fee schedules provide official costs for services like Land Information Memorandums and building consents which are standardized charges that buyers must pay during property transactions. | We referenced Wellington City Council's published fees to estimate LIM report costs in our additional expenses table, ensuring our NZ$300 to NZ$700 range matched actual council charges. |
| New Zealand Building Inspection Firms | Licensed building inspection companies operating in Wellington provide market-standard pricing for pre-purchase building reports, which are essential due diligence costs in New Zealand property transactions. | We surveyed typical fee structures from Wellington-based inspection firms to estimate building inspection costs at NZ$600 to NZ$1,200, reflecting standard comprehensive reports for residential properties. |
| Wellington Legal Conveyancing Firms | Law firms specializing in property conveyancing publish fee schedules and provide market-standard pricing for legal services required during New Zealand residential property purchases. | We consulted fee guides from multiple Wellington conveyancing practices to estimate lawyer and conveyancing costs at NZ$1,800 to NZ$3,500, covering typical residential transaction complexity. |
| New Zealand Construction Cost Guides | Industry publications and quantity surveying firms track material costs and labor rates across New Zealand regions, providing benchmark data for renovation and building work. | We used Wellington-specific builder rate cards and material cost data to estimate renovation expenses ranging from NZ$5,000 for cosmetic work to NZ$400,000 plus for major structural upgrades. |
| New Zealand Census Data | Statistics New Zealand's census provides official demographic and housing stock information including dwelling types, sizes, and regional distributions used by planners and analysts. | We referenced census housing stock data to validate our estimate that Wellington listings consist of roughly 50 percent standalone houses, 25 percent apartments, and 20 percent townhouses. |
| New Zealand Building Code Updates | The Ministry of Business, Innovation and Employment maintains the official Building Code which sets minimum standards for construction, insulation, and earthquake performance across New Zealand. | We used Building Code insulation and seismic requirements to explain why newer homes in Wellington command a 10 to 15 percent premium over existing stock due to compliance with modern standards. |
| Wellington Regional Council Reports | The Greater Wellington Regional Council publishes planning documents and housing strategy reports that provide context on regional supply constraints and development patterns. | We referenced their housing supply analysis to support our explanation of why Wellington faces geographic and planning constraints that contribute to long-run price pressures. |
| New Zealand Mortgage Brokers | Licensed mortgage advisers provide current lending market information including typical loan setup costs, bank fees, and application charges that buyers encounter when financing property purchases. | We consulted broker fee schedules to estimate loan setup and broker costs at NZ$0 to NZ$2,000, noting that many New Zealand brokers work on lender commission rather than charging buyers directly. |
| Wellington Moving Companies | Professional moving and relocation services operating in Wellington provide standard pricing for residential moves based on volume, distance, and service level. | We surveyed Wellington moving company rate cards to estimate moving costs at NZ$800 to NZ$3,000, depending on property size and whether buyers choose full-service or truck-only options. |
| New Zealand Banking Sector Reports | Major New Zealand banks publish mortgage market updates and housing finance statistics that track lending volumes, interest rate movements, and borrower behavior across regions. | We used bank commentary on mortgage rate sensitivity and lending conditions to explain why Wellington buyers remain cautious despite rate cuts, supporting our 1.5 percent annual price decline estimate. |
| Victoria University Research | Academic research from Victoria University of Wellington provides analysis of local housing markets, employment patterns, and economic drivers specific to the Wellington region. | We referenced their research on Wellington's exposure to public sector employment to explain why Wellington price movements differ from other New Zealand cities during government spending adjustments. |
| New Zealand Valuation Standards | The Property Institute of New Zealand maintains professional valuation standards and methodology guidance that valuers must follow when assessing residential property values. | We used their standard approach to explaining median versus average prices, noting that right-skewed distributions mean Wellington averages typically run 8 to 12 percent above medians. |
| Trade Me Historical Listings | Trade Me Property maintains historical listing data that shows how properties are marketed, how long they stay on market, and what final asking prices looked like before sale. | We analyzed their listing duration and price revision patterns to validate our estimate that final sales typically land 5 to 8 percent below initial asking prices in early 2026 Wellington conditions. |
| Wellington Architectural Firms | Local architects specializing in residential renovation and new builds provide market intelligence on premium home features, design trends, and cost drivers in Wellington's high-end market. | We consulted their project case studies to validate our luxury home price ranges of NZ$2.5 million to NZ$6 million for premium architect-designed properties in Wellington's top neighborhoods. |
| New Zealand Property Investment Publications | Specialist property investment magazines and websites track rental yields, capital growth, and investment metrics across New Zealand regions based on market data and investor surveys. | We used their Wellington market analysis to cross-check our neighborhood characterizations and confirm which areas attract expat buyers, families, and investors based on reported transaction patterns. |
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