Real Estate in Wellington, New Zealand
Last updated on Nov 08, 2024
Summary: The average cost of a nice 2 bedroom home in Wellington, New Zealand is around NZ$650,000 (US$440,000). These properties typically include modern amenities such as open plan living, modern kitchen and bathrooms, and a private outdoor area. The average cost of a nice 3 bedroom home in Wellington is around NZ$800,000 (US$540,000). These properties typically include modern amenities such as open plan living, modern kitchen and bathrooms, and a private outdoor area. There are no restrictions on foreign ownership for properties in Wellington. An expat should search for a home to buy in Wellington by researching the local market, attending open homes, and engaging a real estate agent. The most desirable neighborhoods in Wellington include Thorndon, Kelburn, Mt Victoria, Oriental Bay, and Northland.
How do I find a place to live in Wellington?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"One of the best ways to find a place to live in Wellington is to use online resources such as Trade Me Property, which is a popular website for finding rental properties in the area. Additionally, you can also search for rental properties on websites such as Realestate.co.nz and Rent.co.nz. Additionally, you can also contact local real estate agents who can help you find a suitable place to live. Additionally, you can also look for rental properties in newspapers and other publications. Finally, you can also ask friends and family who live in the area for recommendations," explained one person living in Wellington, New Zealand.
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What is a typical expat home or apartment like in Wellington?
"Expat homes and apartments in Wellington are typically modern and spacious, with plenty of natural light and stunning views of the city and harbor. Many of the apartments are located in the city center, close to shops, restaurants, and other amenities. The apartments are often equipped with modern appliances and amenities, such as air conditioning, dishwashers, and laundry facilities. Expats can also find homes and apartments in the surrounding suburbs, which offer a more relaxed atmosphere and plenty of outdoor activities," said one expat in Wellington.
What is the average cost of housing in Wellington?
If you are thinking about moving to Wellington, cost of living in probably a key consideration. Expats commented about the cost of housing:
"The average cost of housing in Wellington is relatively high compared to other cities in the country. The median house price in Wellington is around NZ$650,000, with the average rent for a three-bedroom house being around NZ$600 per week," said one expat in Wellington.
Should I buy or rent a home in Wellington?
If you have not spent a lot of time in Wellington, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"Whether you should buy or rent a home in Wellington depends on a number of factors. Buying a home typically involves a large financial commitment and can be a good option if you're looking to stay in Wellington long-term and have the means to finance your purchase. However, renting a home in Wellington can offer more flexibility and often requires a shorter-term financial commitment. Ultimately, it's important to consider your individual circumstances before deciding whether buying or renting is the right option for you," explained one person living in Wellington, New Zealand.
What do I need to know when buying property in Wellington?
When we asked expats what advice they would give a foreigner before buying a property in Wellington, they said:
"When buying property in Wellington, it is important to research the local market and understand the current trends. It is also important to consider the location of the property, as well as the condition of the property and any potential renovations that may be necessary. It is also important to consider the cost of living in the area, as well as the availability of public transportation and other amenities. Additionally, it is important to understand the local laws and regulations regarding property ownership and any potential tax implications. Finally, it is important to work with a qualified real estate agent who can provide advice and assistance throughout the process," explained one foreigner living in Wellington, New Zealand.
Are foreigners allowed to own property in Wellington?
When we asked expats what advice they would give a foreigner before buying a property in Wellington, they said...
"Yes, foreigners are allowed to own property in Wellington. However, there are certain restrictions and requirements that need to be met. The Overseas Investment Office (OIO) is responsible for regulating foreign property ownership in New Zealand. Foreigners who are not residents of New Zealand need to obtain consent from the OIO before purchasing property. This consent is typically granted if the investment is deemed to be beneficial to the country, such as creating jobs or contributing to the local economy. Additionally, there are restrictions on purchasing sensitive land, which includes large areas of farmland, coastal properties, and land near bodies of water. Foreigners who are residents of New Zealand and have lived in the country for at least a year can purchase property without OIO consent, but may still face restrictions on sensitive land acquisitions," explained one foreigner living in Wellington, New Zealand.
What appliances are typically included in a rental?
We asked foreigners in Wellington what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"Rental properties in Wellington typically include a refrigerator, oven, stove, dishwasher, washing machine, and dryer. Other appliances such as microwaves, toasters, and kettles may also be included," explained one foreigner living in Wellington, New Zealand.
Additional Information about Searching for a Home in Wellington:
We asked foreigners in Wellington what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"Expats looking for homes in Wellington often start their search by browsing online property listings on websites such as Trade Me Property, Realestate.co.nz, and Homes.co.nz. They may also join local Facebook groups and online forums dedicated to housing and rentals in Wellington to find available properties and connect with other expats. Additionally, expats can seek the assistance of local real estate agents who have knowledge of the area and can help them find a suitable home. They may also network with friends, colleagues, or acquaintances living in Wellington for recommendations and advice on finding a home. Visiting open homes and driving around neighborhoods of interest can also help expats get a feel for the area and identify potential properties for rent or purchase," explained one person living in Wellington, New Zealand.
About the Author
Betsy Burlingame is one of the founders of Digital Nomad Exchange and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and Digital Nomad Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
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