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Wellington Market Update | June 2025

Winter’s icy grip may be upon us but buyers have a new spring in their step, Alexia Stoddart and Chris Robinson, of Tommy’s Real Estate, say.

They attribute this to the latest Official Cash Rate cut contributing to lower interest rates and more confidence.

Chris Robinson, one of Tommy’s top agents, notes a growing sense of urgency among buyers. “We’re definitely seeing more people active in the marketplace,” he says. “There are more offers coming through on properties—particularly in the first home and family home brackets. There’s noticeably more competition.”

“People are approaching the marketing for selling and buying with a more positive atti-tude,” Alexia says.

“At one stage there were many homes on the market with owners leaving Wellington but that seems to have stabilised with owners either downsizing or upsizing.

“We’re now seeing many more first-home buyers who have their bank pre-approval completed whereas previously they were only just starting that process.” “We are definitely seeing more buyers coming through houses,” Chris says.

“Confidence is up as buyers have more certainty around what owning a home will cost them in mortgage repayments. “The busiest part of the market would be the first-home buyer/downsizers range. More entry-level, more affordable homes are seeing more demand.” Alexia points out there were more than 1,100 properties on the market at one stage.

“We are now around 900, so stock levels have dropped — but this can also be the sea-sonal trend as we move into winter.
Chris estimates current stock levels are down about 15 per cent overall.

“It is typical to see a downfall in the cooler months. I would expect to see this stock numbers fall a little more over the next few weeks. “Investors are starting to come back into the market place, which is encouraging, and we are seeing good interest in good, well-presented homes.” Chris states, “homes that require maintenance or work are seeing slower traction.”

“We are still selling properties at their tender close with multiple offers so the buyers are still there,” Alexia says.

Both Alexia and Chris agree banks are making it easier for buyers to finance their homes. “The banks have certainly stepped up with their turnaround times and we understand some banks have employed more staff to keep on top of the applications,” Alexia says.

“There are also cash incentives from banks, so they seem to be more accommodating and keen to secure new business which is assisting first-home buyers.” Chris says there’s definitely more competition among banks for mortgage business.

“Mortgage brokers are inundated with applications and buyers are looking to have their pre-approvals revised or extended. “Buyers are being more cautious about what they buy, as they still have plenty of choice, and are less likely to over-extend when making an offer. “Instead, they will move on if they’re unsuccessful with their initial offer.”

The rebound in market confidence coincides with the traditional winter slowdown — but the inclement weather shouldn’t deter buyers or sellers.

“Because there are fewer properties for sale in winter, we find houses with good winter sun, especially if they’re in the move in-and-do nothing category, sell well as they have less competition,” Alexia says.

Chris agrees. “A lot of homes often show well in the cooler months if they offer good heating systems, double-glazing and a cosy feel.

“When buying in the winter months you will often find that if you like the home then, you will really appreciate it in summer.”

One sure sign of this renewed confidence is the rise in property appraisals. “Vendors are clearly responding to the improved sentiment,” Alexia says. “We’re seeing a steady stream of appraisal requests, which shows people believe they can still achieve a strong price.”

Chris concurs. “Some homeowners have been holding off for quite some time,” he says. “While a few are still playing the waiting game, the overall number of potential sellers is holding steady.”

So, while the nights may be drawing in, the property market is far from cooling off. If anything, there’s a quiet buzz building—suggesting brighter days could be just around the corner.