Wellington Property Market Update: September 2024

Wellington's Property Market: A Steady Climb The Wellington property market continued its upward trajectory in September 2024, with the median price rising by 1.6% year-on-year to $792,500. This steady growth is a testament to the region's enduring appeal, with first-home buyers remaining the most active group in the market.

Market Trends While the number of investors entering the market has increased slightly, vendors have kept their price expectations realistic, aligning with current market conditions. This has resulted in a mixed bag at open homes, with some properties attracting multiple groups and others remaining quiet.

What's Shaping the Market A combination of factors is influencing market sentiment, including:

• Positive media coverage of the property market, which may be encouraging hesitant buyers to take the plunge

• Rising council rates, which could impact buyers' budgets

• An increasing number of investors selling off their investment properties, which may lead to more opportunities for buyers.

What's Ahead

We are cautiously optimistic that listing numbers will rise in the coming months, creating more opportunities for buyers. With the median Days to Sell currently sitting at 51 days – significantly higher than the 10-year September average of 36 days – there's no shortage of properties to choose from.

Inventory Levels

With 15 weeks of inventory available in September 2024 – 5 weeks more than the same time last year – buyers have a bit more breathing room to make their move.

What Does This Mean for You?

Now is a great time to stay informed and make strategic decisions about your real estate opportunities. We are here to help you navigate these market conditions and make the most of your real estate investments. Whether you're a first-home buyer, investor, or simply looking to upgrade or downsize, we're here to guide you every step of the way!

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