Wellington Market Update | October 2023
A surge in house listings is anticipated following Saturday’s general election, regardless of the election outcome.
Earlier this week, The Post reported that pre-election tension likely contributed to a significant drop in housing stock in the capital. Data indicated a record 43 per cent decrease in total listings in September, contrasting with a national average downturn of nine per cent. However, Tommy’s Real Estate has started October with a flurry of new listings and expects even more activity post-election.
“A general election brings an interesting dynamic to the real estate market,” remarks Tim Clark, Sales Director at Tommy’s. “Whatever the outcome, there are pockets of reassurance, and that confidence will always generate interest. The month before an election tends to be slow, with many adopting a wait-and-see approach. However, immediately after the election, we anticipate an increased sense of urgency from both sellers and buyers.”
For Wellington, the election holds particular significance in the property market, despite the regional outcome being less impactful. “The election is prominent in our local media and employment landscape,” explains Tim. “Therefore, the outcome itself may not directly influence the region’s housing market dynamics. There will always be demand from individuals employed in government roles, which consistently reflects in the market.”
Tim highlights ongoing heightened activity at Tommy’s, noting increased instances of multi-offer situations and faster property sales compared to recent times. “The average days on market have significantly reduced by nearly half compared to a year ago.
Wellington still faces a shortage of stock presently, although we listed 26 new properties just last week in our city office.”
Looking ahead, Tim expects a surge in new properties entering the market post-election, coupled with heightened demand, setting the stage for an intriguing end to 2023.
Connect me with a local expert
Whether you’re ready to sell or looking for answers, we’ll guide you with data-driven strategy paired with over 20 years of industry experience
Book a free appraisal
