Wellington housing valuations have taken a dive, with no suburb unscathed. 

QV valuations show house values have fallen 24.4 percent since 2021, with the average house value now sitting just under $1.1 million.

Auckland valuations are expected to show little movement since 2021. 

City Councillor Ben McNulty says it won't change rates bills much.

"The council has decided it needs 13 percent more money from rate-payers to run the city for next year, which means rates have to go up to meet that amount."

LISTEN ABOVE