Economist: Wellington seems to have become a millionaire's paradise

Author
Newstalk ZB,
Publish Date
Wed, 1 Dec 2021, 8:22AM
(Photo / File)
(Photo / File)

Economist: Wellington seems to have become a millionaire's paradise

Author
Newstalk ZB,
Publish Date
Wed, 1 Dec 2021, 8:22AM

House values continue to rise out of reach of many young Wellingtonians.

The latest rating valuation has been released by QV.

Over the past three years, the average home value across Wellington city has increased 60.4 per cent to sit now at more than $1.4 million.

All of the capital's suburbs now have an average value above $1 million and land value across the city has increased to more than $980,000.

Infometrics principal economist Brad Olsen told Kate Hawkesby Wellington seems to have become a millionaire's paradise.

“I think the challenge that we’re seeing going forward is that still now getting into a house in Wellington, it seems to be a fair way away for a number of particularly young people.”

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