August 2024 Suburb Reports Out Now!
In August 2024, Wellington's property market saw a 3.9% year-on-year increase in the median price, reaching $790,000. First-home buyers remained the most active buyer group, and most vendors demonstrated realism in their asking prices, adjusting to current market conditions.
Sales counts rose 5.4% year-on-year, increasing from 533 to 562. However, the median days to sell stretched from 37 to 50 days compared to last year. This far exceeds the 10-year August average of 36 days. Inventory levels also expanded, with 14 weeks of supply in August 2024, marking an increase of 3 weeks compared to the same time last year.
Wellington's average listings also saw a 3.5% increase, rising from 461 to 477 year-on-year, while inventory levels surged by 55.6%, growing from 994 to 1,546.
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