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Wellington Property Values Plunge: Homes Down 25%!

2/5/2025

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Summary

Story summary

Wellington house values have declined by nearly 25% over three years, averaging $1,086,000 as of September 2024.
Average land values decreased by 36.7%, now at $621,000.
High interest rates and inflation are key factors driving this decline.
Commercial property values dropped by 21%, while industrial values fell by 12.2%.
Property owners, particularly those who purchased in 2021, may encounter negative equity.

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Story summary

Wellington house values have declined by nearly 25% over three years, averaging $1,086,000 as of September 2024.
Average land values decreased by 36.7%, now at $621,000.
High interest rates and inflation are key factors driving this decline.
Commercial property values dropped by 21%, while industrial values fell by 12.2%.
Property owners, particularly those who purchased in 2021, may encounter negative equity.