Wellywood on the rise

A major upset in the Wellington mayoral race ended with Andy Foster taking out the mayoralty last month. It’s the first time, since 1986, in Wellington’s history that a first-time incumbent has been denied a return to office.

The race was a close one, but Foster says that Wellingtonians wanted change and it appears his campaign, which focused on transport, housing, and eradicating homelessness, addressed their concerns.

Foster is certainly facing some challenges ahead, with a growing population and shortage of housing supply, as well the impact of the Kaikoura earthquake on apartment housing and commercial buildings in the city. But while tight supply keeps the property market buoyant, there is a question around who will fund the sky-rocketing costs of shoring up apartment buildings against future seismic events.

Currently apartment owners have been asked to stump up costs for investigating their buildings, which can cost close to 90% of the average rateable value of an apartment, according to Inner City Wellington (ICW).