New property valuations for Wellington City show the average house price has fallen 3.5 per cent to $538,000, with section values falling 4.4 per cent to $258,000.
The last time values were calculated was in September 2007.
The Wellington City Council is warning the drop in valuations will not necessarily mean a drop in rates.
Spokesman Neil Cherry says the council uses property values to divide the rates it needs to collect between all ratepayers.
Homeowners have until December 11 to object to their new house values.
- NEWSTALK ZB
Average Wellington house price falls
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