Harcourts Team Group
Wellington (REA 2008)
Wellington - Your Suburb Reports May 2024
Jun 24
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... Sales up, amidst voluminous listing levels.
In May, the Wellington real estate market experienced a slight decrease in median price, down 0.8% year-on-year to $785,000. First-home buyers emerged as the most active buyer group, while there was a notable decline in interest from buyers of higher-priced properties. Vendors are adapting to market conditions by setting more realistic prices to meet buyer expectations.
Open home attendance has been relatively quiet, with many potential buyers preferring to schedule viewings by appointment. Auction activity reflected this trend, with low conversion rates under the hammer and many properties selling post-auction instead.
Seasonal changes and interest rates have significantly influenced market sentiment.
The current median Days to Sell stands at 39 days, slightly below the 10-year May average of 40 days. In May 2024, there were 14 weeks of inventory, consistent with the same period last year.
As the Wellington real estate market continues to evolve, it is crucial for buyers and sellers to stay informed and make strategic decisions. Connect with our experienced team at Harcourts to navigate the local market effectively and seize emerging opportunities.
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