Wellington Market Update | May 2023
With signs indicating increased buyer activity in the housing market, this winter presents a promising opportunity to upgrade, downsize, or secure your first home while prices remain relatively low.
Moreover, the Reserve Bank’s proposal to ease loan-to-value ratios suggests that obtaining mortgages could become more accessible in the near future.
Nicki Cruickshank, Director at Tommy’s Real Estate, remarks, “With sales volumes historically low over the past 12-18 months, banks are eager to lend. As house prices likely bottom out, we’re seeing more interest returning to the market. By the spring or summer, we anticipate a significant uptick in activity.”
She advises prospective buyers, “If you have your finances sorted and are considering a purchase, now is the time to start looking for your next home.”
Nicki also emphasises the advantages of selling in winter, a strategy often overlooked by sellers. “The property market operates on the principles of supply and demand,” she explains. “While many think selling in the brighter months is ideal, it results in greater supply and less pressure on buyers.”
“In Wellington, buyer numbers remain steady throughout the year, with a slight increase in February. Selling when competition is lower, such as in winter, can attract more serious buyers.”
However, Nicki suggests preparing homes for sale in colder months. “It’s crucial to create a warm and inviting atmosphere,” she advises. “Cold houses deter buyers instantly. Adequate lighting and ventilation are equally important.”
She adds, “Buyers decide quickly upon entering a property.
Unpleasant odours can be a major turn-off, so ensure good ventilation to avoid musty smells. Consider pleasant scents like fresh coffee or baking, which can enhance the appeal of your home.”
In conclusion, whether buying or selling, understanding the dynamics of the winter market can provide a strategic advantage. With favourable conditions emerging, now is indeed an opportune moment to engage in the property market.
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
