page_title: Wellington
section_title: Housing and real estate
hierarchical_section_title: Wellington / Housing and real estate
caption_attribution_description: English: Mt. Victoria weatherboard cottages in Wellington
context_page_description: Wellington is the capital city of New Zealand. It is located at the south-western tip of the North Island, between Cook Strait and the Remutaka Range. Wellington is the major population centre of the southern North Island, and is the administrative centre of the Wellington Region, which also includes the Kapiti Coast and the Wairarapa. It is the world's southernmost capital of a sovereign state. Wellington features a temperate maritime climate, and is the world's windiest city by average wind speed.
  The position of Wellington as capital of New Zealand is not defined in legislation, but established by convention. Its metropolitan area comprises four local authorities: Wellington City, on the peninsula between Cook Strait and Wellington Harbour, contains the central business district; Porirua on Porirua Harbour to the north is notable for its large Māori and Pacific Island communities; Lower Hutt and Upper Hutt are largely suburban areas to the northeast, together known as the Hutt Valley. The Wellington urban area, which only includes urbanised areas within Wellington City, has a population of 215,400 residents as of June 2019.
context_section_description: Wellington experienced a real estate boom in the early 2000s and the effects of the international property bust at the start of 2007. In 2005, the market was described as "robust". By 2008, property values had declined by about 9.3% over a 12-month period, according to one estimate. More expensive properties declined more steeply, sometimes by as much as 20%. "From 2004 to early 2007, rental yields were eroded and positive cash flow property investments disappeared as house values climbed faster than rents. Then that trend reversed and yields slowly began improving," according to two The New Zealand Herald reporters writing in May 2009. In the middle of 2009 house prices had dropped, interest rates were low, and buy-to-let property investment was again looking attractive, particularly in the Lambton precinct, according to these two reporters.
  A Wellington City Council survey conducted in March 2009 found the typical central city apartment dweller was a New Zealand native aged 24 to 35 with a professional job in the downtown area, with household income higher than surrounding areas. Three-quarters (73%) walked to work or university, 13% travelled by car, 6% by bus, 2% bicycled (although 31% own bicycles), and did not travel very far since 73% worked or studied in the central city. The large majority (88%) did not have children in their apartments; 39% were couples without children; 32% were single-person households; 15% were groups of people flatting together. Most (56%) owned their apartment; 42% rented (of renters, 16% paid NZ$351 to NZ$450 per week, 13% paid less and 15% paid more – only 3% paid more than NZ$651 per week). The report continued: "The four most important reasons for living in an apartment were given as lifestyle and city living (23%), close to work (20%), close to shops and cafes (11%) and low maintenance (11%) ... City noise and noise from neighbours were the main turnoffs for apartment dwellers (27%), followed by a lack of outdoor space (17%), living close to neighbours (9%) and apartment size and a lack of storage space (8%)."
  Households are primarily one-family, making up 66.9% of households, followed by single-person households (24.7%); there were fewer multiperson households and even fewer households containing two or more families. These counts are from the 2013 census for the Wellington region (which includes the surrounding area in addition to the four cities).
  In December 2019, Quotable Value reported the average house price for Wellington metro was $747,000, ranging from $603,000 in Upper Hutt to $978,000 in the western suburbs of Wellington City.
caption: A row of classic weatherboard houses in the Mount Victoria neighbourhood, emblematic of the style of the area
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