MARKET COMMENT AS AT 7th OCTOBER 2019

Tommy’s has always maintained that the Wellington real estate market was reliable in that it was seldom subjected to the highs and lows and market variances witnessed in other locations throughout New Zealand. This opinion has been supported by the August Press release from the Real Estate Institute of NZ (REINZ) that identifies the three regions as having the greatest decrease in sales volumes for that month as being Southland, Hawke’s Bay and Taranaki while the regions with the greatest increase in sales volumes were Tasman, Bay of Plenty and Nelson.

Based on Tommy’s experience in the Wellington market, it comes as no surprise that our region maintained its secure position in the middle of the market spectrum with good sales being recorded for sound properties in popular locations. NZ wide, the REINZ report that August sales of 5,959 were down by 6.1% from the same time last year’s when 6,346 sales were transacted.

Nationwide, there were 3,624 fewer listings coming to the market in August than at the same time last year thereby reducing the housing stocks for prospective buyers to view and also impacting on sales numbers. Tommy’s believe that the current market with less competition offers tremendous opportunities for those who wish to utilize the months of October and November which are normally popular selling months to secure a sale prior to Christmas.

Although home buyers have become more discerning and are often taking longer to make buying decisions than they perhaps would do on a more heated market, there is still a pool of willing buyers searching for the right property to purchase and we have a number of people in this category watching and waiting for new listings to come to the market. If you are considering selling, we invite you to talk to us in confidence and without obligation about the marketing and sale of your home.

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