Wellington’s property market is becoming a hub of opportunity for homebuyers and investors. After a period of high prices, the market has seen a significant correction, making it more accessible. Here’s an overview of the key suburbs worth exploring in 2024, including price trends and growth potential.

1. Seatoun: The Premium Suburb

Seatoun continues to top the charts as the most expensive suburb in Wellington, with a median house price of $1,776,500. This seaside suburb is known for its scenic views, high-quality homes, and proximity to the city centre. Its desirability ensures it retains its value, appealing to affluent buyers​.

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2. Lower Hutt: Affordable Growth

Lower Hutt offers a mix of affordability and growth potential. Median prices are around $700,000, down from previous highs, presenting an entry point for first-home buyers. The area benefits from strong community facilities, schools, and transportation links​.

Picture source: Wikipedia

3. Mount Victoria: Central and Vibrant

Mount Victoria, a short walk from the CBD, boasts a median price of approximately $1,150,000. The area appeals to professionals and families alike due to its blend of character homes and proximity to amenities. As Wellington’s economy grows, Mount Victoria remains a sought-after locale​.

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4. Wellington Central: Apartment Bargains

For those seeking entry-level options, Wellington Central is notable for its affordability, with median prices around $492,850. This reflects its dominance by apartments rather than standalone homes. It’s ideal for young professionals or investors seeking rental income​.

Picture source: Wellingtoncitycouncil.co.nz

5. Porirua: Rapidly Developing

Porirua has seen extensive development and is becoming a hotspot for new homeowners. Median house prices hover near $750,000, offering a balance between affordability and lifestyle appeal. The area benefits from new infrastructure projects and strong community investments​.

Picture source: wellington.scoop.co.nz

Market Trends and Considerations

Price Declines:

Over the past year, Wellington’s average house price has dropped by 20%, settling at around $790,000. This correction has opened doors for new buyers while offering investment opportunities​.

Demand Surge:

Renewed buyer confidence and limited inventory are driving multiple offers on properties. Suburbs with lifestyle appeal, such as Seatoun and Lower Hutt, are experiencing high interest​.

Investment Potential:

Suburbs like Porirua and Lower Hutt provide excellent rental yields, supported by infrastructure growth and population inflows.

Conclusion

Whether you’re a first-home buyer or seasoned investor, Wellington offers diverse options catering to different budgets and needs. Suburbs such as Lower Hutt and Porirua are ideal for affordable growth, while Seatoun and Mount Victoria attract premium buyers. With market corrections and a vibrant local economy, Wellington is primed for property investment in 2024.