MARKET COMMENT AS AT 4TH MARCH 2019

New Zealand wide, the real estate market has been giving mixed messages to those in the market to buy, sell or rent a home. Rental prices have reached an all-time high in many regions with Wellington being no exception. This situation could be exacerbated by the introduction of new healthy homes standards and the real threat of some form of Capital Gains Tax being introduced. These factors may deter property investors from increasing their rental portfolios and encourage some existing landlords to exit the market thereby adding additional pressure to an already overtaxed rental market.

There have been reports of housing sale prices coming back from last year’s peak levels but this has not been apparent to any degree in Wellington City and suburbs where demand is still strong for well- presented property. Although home buyers are perhaps becoming more discerning and taking longer over their buying decisions, sales activity continues to be strong as evidenced by the fact that Tommy’s City Office alone negotiated 90 sales in the month of February. Inner city living continues to be popular both from a pricing and a convenience perspective and apartment sales are a significant component of Tommy’s business.

2019 marks the 20th year since Tommy’s commenced business in Wellington City and suburbs. We know the city and have confidence that we are positioned to get the best price possible for our vendor clients. Buying or selling, we look forward to assisting our clients in meeting their real estate objectives in 2019 and beyond as we have done successfully in the past.

Whether you’re ready to sell or looking for answers, we are more than happy to guide you through the selling or buying process.

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