Wellington

Wellington ( /ˈwɛlɪŋtən/) is the capital city and third most populous urban area of New Zealand. The urban area is situated on the southwestern tip of the country's North Island, and lies between Cook Strait and the Rimutaka Range. It is home to 389,700 residents, with an additional 3,700 residents living in the surrounding rural areas.

The Wellington urban area is the major population centre of the southern North Island, and is the seat of the Wellington Region — which in addition to the urban area covers the Kapiti Coast and Wairarapa. The urban area includes four cities: Wellington City, on the peninsula between Cook Strait and Wellington Harbour, contains the central business district and about half of Wellington's population; Porirua City on Porirua Harbour to the north is notable for its large Māori and Pacific Island communities; Lower Hutt City and Upper Hutt City are largely suburban areas to the northeast, together known as the Hutt Valley.

Wellington experienced a real estate boom in the early 2000s and the effects of the international property bust at the start of 2007. In 2005, the market was described as "robust". But by 2008, property values declined by about 9.3% over a twelve month period, according to one estimate. More expensive properties declined more steeply in value, sometimes declining as much as 20%. "From 2004 to early 2007, rental yields were eroded and positive cash flow property investments disappeared as house values climbed faster than rents. Then that trend reversed and yields slowly began improving," according to two New Zealand Herald reporters writing in May 2009. In the middle of 2009, house prices had dropped, interest rates were low, and buy-to-let property investment was again looking attractive, particularly the Lambton precinct in Wellington, according to these two reporters.