Wellington's Mayor says he wonders if runaway housing prices may start slowing

Rating valuations have been released for the first time since 2018.

In the past three years the average Wellington city house has gone up sixty-point-four percent ... to more than one-point-four million dollars.

All the capital's suburb now average above one-million dollars ... and land values citywide have more than doubled

Andy Foster says it's making it even harder to get on the property ladder.

Foster says he's interested to see the effects of rising interests rates and lower migration on the market.