43 Looking at the annual change in values in Wellington gives a false picture of what is actually going on. The rate of value growth in Wellington has fallen from around 7% per quarter last year to around 3%. Porirua and the Hutt Valley had been holding up better than Wellington City but they too are now slowing. Average Value of Housing Stock - Wellington Annual and Quarterly Value Change - Wellington May 2017 Current Value 3 months 12 months Since Peak Porirua $509,433 2.2% 23% 33% Upper Hutt $449,970 2.8% 25% 28% Lower Hutt $505,602 3.4% 24% 29% Wellington City $727,119 2.4% 19% 37% Wellington Values