Heart of the capital

Over the past six months, Wellington City’s property market has settled into a steady rhythm. Rather than dramatic swings, we’ve seen an even-paced environment, with median prices consistently ranging between $760,000 and $775,000. There have been no major spikes or dips, just a market finding its balance.

Spring delivered the usual seasonal lift in activity but overall conditions have remained measured. Buyers currently enjoy a good level of choice which has taken much of the pressure out of the market. As a result, sellers need to be realistic with pricing expectations, and negotiation is very much back on the table.

The majority of current activity is being driven by first-home buyers and owner-occupiers. Investors, by contrast, remain cautious. This has created a value-driven market where buyers are taking their time, carefully weighing up options and doing their due diligence. There’s a noticeable willingness to walk away if the price or the property doesn’t quite stack up.

Another clear trend we’re seeing is movement out of the city. Lifestyle change continues to motivate many vendors, with a growing number heading north to the Kapiti Coast.

The completion of Transmission Gully has been a game changer, making the coast feel more connected and accessible than ever before and opening up new possibilities for those seeking space, lifestyle and value.

Buyer demand continues to be lifestyle led. Expats returning home are a strong presence, particularly those searching for family homes in established suburbs such as Khandallah, Kelburn and Seatoun. First-home buyers remain cautious around unit titles, though low-maintenance living close to the city still holds appeal for those prioritising convenience and location.

In a market like this, successful selling hinges on local insight. Wellington is a city where nuances matter. Sun, wind, access, school zones and zoning regulations can significantly influence buyer interest and value.

A deep suburb-by-suburb understanding allows homes to be positioned correctly, ensuring they’re presented to the right audience and buyers can confidently find what suits their needs.

Looking ahead to the next six months, we expect Wellington’s property market to remain stable with the potential for modest improvement. Prices are likely to stay flat or experience a slight upward movement, supported by stable interest rates and improving buyer confidence.

Listing numbers are expected to remain relatively high, which will continue to give buyers choice. This means sellers will need to stay realistic, particularly in competitive segments of the market. Well-located, well-maintained homes, especially in established suburbs, will continue to hold the upper hand.

Overall, the Wellington market is shaping up as balanced and buyer-friendly: calm, considered and driven by value rather than urgency.