Wellington Property Market – Where Do We Stand Mid-2025?

We’ve just gone through the June housing market update from CoreLogic, and while I won’t bore you with every graph and percentage point, there are some key insights worth talking about — especially for those of us in Wellington.

Let’s start with the headline: the market has stabilised.

After the rollercoaster of 2021 highs and 2022-2023 drops, Wellington property prices have largely levelled off. The worst of the correction is behind us. Yes, prices are still well below their peak — around 25% down in some areas — but they’re no longer sliding. We’ve seen a few small monthly lifts this year, followed by flat patches. That’s not weakness. That’s balance.

More Listings = Less Pressure

There are still more properties on the market than usual, which gives buyers time to think (and breathe). For sellers, it means presentation and price are more important than ever — the days of throwing a listing online and waiting for the bidding war are still behind us.

Buyers have options. If you’re selling, especially in Wellington’s mid-tier suburbs like Johnsonville, Newlands, or Khandallah, it pays to be strategic. We’re seeing solid buyer interest, but only when the home is well presented and priced with care.

First Home Buyers Still Showing Up

Despite interest rates staying higher than we’re used to, first-home buyers are still active in Wellington. Why? Because they’re finally getting a chance. Less competition, more choice, and better negotiating power.

It’s especially true in the apartment and entry-level home space. They’re not overpaying — they’re picking carefully, offering strategically, and coming in with pre-approval in hand.

What About Investors?

Rental yields are the best they’ve been since around 2015–2016. That’s pulling investors back into the market — but this isn’t a gold rush. While houses are still a safe bet long-term, apartments have been hit hard on resale. The numbers need to work, especially with debt-to-income rules tightening in October.

If you’re looking to invest, do your homework. A 3.8% yield sounds good, but if the capital growth isn’t there, or the maintenance is high, it can quickly unravel.

So What’s Next?

Wellington’s housing market isn’t booming, but it’s not bottoming out either. It’s simply steady — and that’s not a bad thing. In a balanced market:

• Buyers can take their time.

• Sellers can still get strong results (if they adapt).

• And investors can make solid choices (if they’re not chasing short-term wins).

As always, the key is understanding your position in the market — and not relying on outdated rateable values or headlines from Auckland.

If you want a sense check on your property’s value or where the opportunities lie right now, we’re happy to chat.

No pressure. Just straight-up advice.