Property in the nation’s capital remains bouyant with the sector being crowned Wellington’s third largest industry in the latest Property Industry Impact Report.
In 2022, the wider economic impact of the Wellington property industry was $8.6 billion. This includes a $3.6 billion ‘direct impact’ (from property industry activity), a $2.2 billion ‘indirect impact’ (from supplier activity) and a $2.7 billion ‘induced impact’ (from employee spending).
The Wellington property industry provides a direct contribution to GDP of 8.9% – higher than financial and insurance services (8.1%), manufacturing (5.9%) and retail trade (3.8%).
Property stock in the Wellington region is currently worth $223.6 billion, with residential property representing $192.5 billion and commercial property representing $31.1 billion.
The property industry is Wellington’s fourth largest employer, accounting of 9.0% of the local workforce. In 2022, 24,820 people were directly employed in the Wellington property industry.
The wider context
In 2023, New Zealand’s property stock was worth approximately $2,250 billion, of which the Auckland property market accounted for 43% ($978 billion).
In the years between 2019 and 2023, the Wellington region experienced an appreciation of 45%.
The average appreciation across all regions between 2019 – 2023 was 49%.
Note: Value is taken from latest Council valuation data, dates differ for each Council.