Wellington Market Update | September 2023
More Wellington homes are receiving multiple offers and selling in shorter timeframes, prompting “savvy vendors” to come to the market earlier than planned, Tommy’s Sales Director Tim Clark says.
“At Tommy’s, we are seeing more activity across the board. Low stock levels-and-increased demand is the story of the current market.”
Tim says that as well as more first-home buyer activity, “we are seeing multi-offers on properties in the mid-$1 million and even early-$2 million range.
“This month we also sold a property for $3 million.”
But the busiest price point is the $800,000-$1 million bracket, where vendors are being presented with multiple offers.
“The busiest segment seems to be price point rather than buyer profile,” Tim says.
”Not all buyers in this price range are first-home buyers. Right now there is real mix of people looking to purchase a home.
“It will be interesting to see where the market goes over the next few months, post-election, when we’re well into spring and, of course, summer holidays are on the way.
“We think there will be continued activity and demand, which will be offset slightly by more stock coming to the market.
“Indeed, some savvy vendors are coming to market earlier than they first planned because of current market conditions.”
Tim says Wellington houses are sitting for fewer days on the market because of lower stock levels and increased demand.
“At Tommy’s, our sales count is up compared to the same time last year and this factor, alongside a gradual return of fear-of-missing-out, a ‘get-in-now’ attitude from buyers, and more stable prices, means we are seeing some properties sell in much shorter timeframes than we saw over the previous year.
“Prices across the city are relatively stable now, except for the increasing number of cases where properties are selling under multi-offer.
“However, it’s much to early to be calling that prices are back on the rise – yet.
“I think we can say that we don’t see them falling any further in the foreseeable future.”
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
