Hot housing market in Wellington as houses sell well past RV

Wellington houses are selling well over rateable value, and in some cases almost double their worth.

In one case, a house in Tiber St, Island Bay, with an RV of $560,000 sold recently for $1,000,001.

Real estate agents from around the region say there is no sign of the market slowing down, meaning one thing – house prices are set to rise even more.

Craig Lowe, of Lowe & Co Realty, said the company sold 28 houses last month with an average sale price of $806,000. Out of those sales, $151,000 was the average premium above the RV.

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David White. In one case, a house in Tiber St, Island Bay, with an RV of $560,000 sold recently for $1,000,001.

VIA STUFF