Mt Victoria
Sun kissed character homes overlooking the city
Overview
One of Wellington’s gems, Mt Victoria is full of character homes, occupied by an eclectic mix of upwardly mobile young people and the well-to-do middle aged. Both want to be close to the city action and have no desire for large gardens. The area is one of the most expensive in Wellington and housing of all types is always in high demand. Sun kissed from a wide northwesterly aspect, the city is at your doorstep and Oriental Bay bathing beach is just a short walk to the north.
Best Suited To
Young urbanites and empty nesters with a craving for culture, restaurants and night life.
Population Profile
The leading demographic here is 21 to 35 years old, degree or higher degree qualified, working their way up the professional ladder. They enjoy a short walk to work and all the city attractions. Lack of outdoor space doesn’t deter this age group as they’re more likely to be in the city socialising. Conversely, small sites and higher density here deters young families who prefer more space.
Property is expensive and this is another reason why you’re more likely to find young families in more affordable suburbs like Karori, Island Bay or in the Eastern Suburbs. It’s not uncommon for empty nesters and retirees to move back to Mt Victoria, where it allows them to be close to the theatre, restaurants and the waterfront
Typical Homes
Developed from the late 1800’s, Mt Victoria is home to Wellington’s best collection of grand character homes. There are equal numbers of owner occupiers and renters here. Owner occupied homes are often lovingly restored with modernised interiors. Rented dwellings tend to be large villas, still full of character but basic to the interior and often divided into two or three flats.
Mt Victoria is a cash-cow for investors, tenants often paying upwards of $300 per week for a room. There are apartment buildings in Mt Victoria but thankfully they don’t dominate the landscape. They range from large 1960’s and 1970’s utilitarian concrete buildings containing many small units, through to modern, multi-level townhouses.
Amenities
The northern end of Mt Victoria abuts the eastern edge of the downtown entertainment district. Here you’ll find a number of fashionable restaurants, takeaway stores and pubs. Otherwise it’s less than 10 minutes’ walk from any part of Mt Victoria, into the centre of the city.
Clyde Quay School has been operating in Elizabeth Street for over 100 years and its enrolment zone is restricted to the Mt Victoria area. There are secondary schools set just to the south of the suburb including Wellington College (boys only) and Wellington East Girls (girls only).
Mt Victoria backs onto the Wellington Town Belt, where you’ll find many walking and mountain bike tracks. Popular Oriental Bay beach is set just to the north of the suburb. The Basin Reserve is Wellington’s venue for test cricket matches and this is set just south of the suburb. Some Mt Victoria residents even enjoy a view into the ground for free. The historic Embassy Theatre is located on Kent Terrace, home to the 2003 world premiere of Lord of the Rings: Return of the King.
Real Estate Trends
In Mt Victoria you will find plenty of character homes, together with a good mixture of flats and apartments. There is a size and budget to suit all tastes, so long as your buying budget exceeds about $400,000. If you don’t mind a small space that needs a bit of work, you can sneak into a one bedroom flat for $400,000 to $600,000. Small and very basic cottages often on very small sites will likely start at $750,000.
The majority of well-kept character homes, offering two or three bedrooms, commence from about the $1 million mark, but don’t expect a lot for this. Large family homes of four bedrooms or more, renovated but with good character intact, will start from about $1.5 million. Demand is always high for anything at the cheaper end of the market here. The two million dollar plus market rises and falls based on the economy, as many owners are self-employed business people.
Best Streets
McFarlane Street enjoys jaw-dropping views over the inner harbour and city. Pat Lawlor Close is a short no-exit street featuring attractive, renovated villas. Homes at the top of Scarborough Terrace have a city view and the added bonus of direct access into the Town Belt. The northern end of the Mt Victoria tends to attract higher prices, as it is closer to Oriental Bay.
House Prices
Flat or apartment, from $400,000.
Basic old cottage, needs renovation, from $750,000.
Renovated cottage, character, modern interior, from $1 million.
Larger character home, from $1,500,000.
Travel Times
Central city – walking, 5 minutes.
Airport – driving, 10 minutes non-peak.
Hutt Valley – driving, 15 minutes non-peak.
Weather
Mt Victoria is blessed with a wonderful westerly aspect, receiving direct sunlight from mid-morning until sunset. Houses higher up can be exposed to northerly winds when it is blowing strongly.