Wellington Market Update | September 2023
More homes in Wellington are receiving multiple offers and selling quicker, prompting proactive vendors to enter the market earlier than planned, according to Tim Clark, Sales Director at Tommy’s Real Estate.
“At Tommy’s, we’re experiencing heightened activity across the board. Low levels of housing stock coupled with increased demand define the current market,” Tim explains.
He notes a surge in first-home buyer activity and highlights multiple offers emerging in the mid-$1 million to early-$2 million range. “Just this month, we even sold a property for $3 million.”
However, Tim emphasises that the most active price point remains the $800,000 to $1 million bracket, where vendors are regularly fielding multiple offers. “This segment is seeing the most action, irrespective of buyer profile. We’re witnessing a diverse mix of people looking to purchase homes.”
Looking ahead, Tim anticipates continued market activity and demand post-election, as spring progresses and summer holidays approach. “We expect sustained activity and demand, although this may be tempered slightly by an increase in housing stock entering the market. Some savvy vendors are capitalising on current market conditions by listing their properties earlier than initially planned.”
Tim highlights that Wellington homes are spending fewer days on the market due to reduced stock levels and heightened buyer interest. “At Tommy’s, our sales figures are up compared to the same period last year. This, combined with a resurgence of the fear-of-missing-out mentality among buyers, stable prices, and an increasing number of properties attracting multiple offers, has resulted in quicker sales.”
He cautions, however, that while prices across the city are currently stable, it is premature to declare a resurgence in price growth. “Although we’re seeing more properties selling under multi-offer scenarios, it’s too early to predict a significant upward trend in prices.
For now, it’s safe to say we don’t foresee prices declining further in the foreseeable future.”
The Wellington housing market continues to evolve with shifting dynamics, and Tommy’s Real Estate remains vigilant in navigating these changes to best serve both buyers and sellers in the region.
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