Wellington's feeling the property slump, with new figures showing a dramatic dip in house values. 

The council's QV rating valuations show the average house has dropped in value of nearly 25% since 2021. 

Pipitea was the worst hit neighbourhood with a 29% average drop. 

Labour’s Ginny Andersen told Mike Hosking that the feeling in the central city is that it’s had the guts kicked out of it. 

She says that when the public services were culled, the local economy went down with it, which has had a real impact on confidence in the local economy.  

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