Wellington’s Housing Market: Dynamic and Diverse Despite Winter
Wellington’s housing market remains dynamic and diverse despite the onset of winter, report two of Tommy’s Real Estate’s top agents.
“This year, we’re witnessing a diverse landscape,” Alexia Stoddart notes. “While it’s true that some segments may experience a seasonal dip, we’re also seeing pockets of robust activity where some properties are attracting multiple offers. Listings remain strong in certain areas, especially those where demand continues to outstrip supply. Overall, there’s a mix of competitiveness and opportunity depending on the specific location, property type, and market conditions.”
Chris Robinson agrees. “The market seems steady at present. Stock levels and interest rates seem to have peaked. Buyers remain committed and willing to buy.”
He points out that listings have reduced slightly, which is typical for the season. “These numbers might come back a little further, which means less choice for buyers. However, we are expecting a slight increase of ex-rental homes to hit the market after July.”
Alexia acknowledges the unique challenges presented by high interest rates and job cuts, particularly in the public service, this winter. “These factors can certainly impact buyer confidence and purchasing power, potentially leading to a more challenging environment for sellers in some areas. However, it’s important to remember that real estate markets are resilient and adaptive. While certain segments may face headwinds, others may find opportunities. Additionally, government policies and economic initiatives can also influence market dynamics.”
She recommends both buyers and sellers stay attuned to the market and adapt their strategies accordingly. “While this winter may pose some hurdles, it’s crucial for buyers and sellers to stay informed, flexible, and proactive in navigating the evolving landscape.”
Chris adds that with interest rates more likely to drop than rise, buyers and investors see it as a time to get into the market or an opportunity to move within it. “The key challenge for buyers seems to be getting the amount of lending they would like while sellers are facing a little more competition with higher stock levels. We’re seeing a more ‘vendor on vendor’ market.”
Alexia says both buyers and sellers can use this time of year to their advantage. “Since many people hold off on buying until the spring or summer, winter can be a less crowded market with fewer competing offers. But the sellers who do list their homes in winter can benefit from serious buyers. While there may be fewer overall buyers, those who are actively looking during the winter tend to be more serious and motivated. This means sellers may encounter fewer window shoppers and more genuine interest from potential buyers.”
Chris emphasises that wetter, colder weather should not deter vendors from wanting to sell their homes. “If your home presents well in winter and is warm, I wouldn’t hesitate to sell at this time of the year. Often sellers believe summer is a better time, but this often means more choice for buyers.”
Alexia adds that prepared and strategic buyers can still find value in areas where demand is more moderate or where sellers are motivated. “For sellers, the key challenge lies in standing out in a crowded market. With plenty of inventory available, sellers need to ensure their property is well-presented, competitively priced, and marketed effectively to attract buyers. A winter market with motivated buyers presents an opportunity to showcase their property’s unique features and capitalise on pent-up demand.”
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