Wellington house prices drop

Wellington average residential asking prices in 2013 were $3381/sq m but by this year had dropped to $3294/sq m. NZPA / Ross Setford

Wellington average home asking prices per square metre have fallen 2.6 per cent since 2013, compared to Auckland's, up more than 75 per cent in that time.

Figures from realestate.co.nz showed the Capital bucked asking price rises in both Auckland and Canterbury.

"In Wellington, the average asking price per square metre for homes for sale has actually fallen slightly by 2.6 per cent since 2013," the business said. Wellington average residential asking prices in 2013 were $3381/sq m but by this year had dropped to $3294/sq m.

The size of Wellington houses for sale remains unchanged, bucking another Auckland trend which has seen a reduction in the floor size of houses for sale.

"The average floor area of homes for sale in Wellington has stayed the same at 156 sq metres, when comparing 2013 data with 2015," realestate.co.nz said.
Prices in 19 regions were surveyed.

Just how different the Auckland house market is compared to the rest of New Zealand is revealed by an analysis of homes advertised on Realestate.co.nz.

The results compare the average size and asking price for houses and townhouses (excluding apartments) offered for sale on Realestate.co.nz in the first half of 2013 with the corresponding figures for 2015.

"The price of houses and townhouses for sale in Auckland increased by more than 75 per cent per square metre from 2013 to 2015. The corresponding price per square metre for Wellington actually decreased by 2.6 per cent, where home sizes remained unchanged at 156m2, but the average asking price came down slightly, from $526,722 to $512,258," realestate.co.nz said.

"Canterbury saw only a 3.6 per cent price increase per square metre. While the average asking price of houses in Canterbury increased by 7.3 per cent - from $451,987 to $485,027 - the increase in price per square metre was mitigated by a growth in average house sizes, from 152m2 to 158m2," it said.