Perspectives Property Report August 2024

Welcome back to the Capital. I’m Glen Jones, Managing Director of New Zealand Sotheby’s International, Wellington.

What an interesting last couple of years!

But, since the election, we have certainly seen moments of real momentum, only for the market to swing back the other way.

According to REINZ, for example, in March our region was in the ascendancy again, with our median selling price having increased to $820,000 - with days to sell, falling to a reasonably healthy 36 days. Whereas in June our median sales price fell again - to $780,000 - with the median days to sell shooting back up to 49 days.

In our region, listings have increased significantly year-on-year. April was up 69%; May 103%; and June 50%. That is a monumental change from this time last year.

As things stand, with the seismic market correction having played out, a plethora of stock on the market, and with the likelihood of an OCR cut this year - for purchasers, there is unlikely to be a better time to buy than now.

As an agency, our ability to achieve premium prices, for homes at all price points - is second to none. Whether your home is worth $300,000 or $30 million - the tools we possess, and the minimum standards we are required to adhere to, as a Sotheby’s brand, allows us to elevate our vendors homes, to be the best in their class.

Let’s take a look at some of our current listings:

• 181 California Drive in Upper Hutt - this is a magical little three bedroom, one bathroom home with Mediterranean flair. Step outside to your own private oasis, great for entertainment, including an in-ground swimming and paddling pool.
• 7 Pokohiwi Road in Lower Hutt - family living, at its finest with a stunning modern kitchen, sweeping views, four bedrooms, two bathrooms and sitting on 1,000 sq m of land.
• For those looking for something more grandiose, with home and income, in quieter quarters of our region, then step inside 12 Main Street, Greytown. Built in the 1860’s, this majestic home has five bedrooms, four bathrooms, quaint paved patios, landscaped lawns and so much more.
• Over to the beautiful Kapiti Coast - 71 Matatua Road, Raumati Beach. If beach living is what you’re after, then look no further! This is undoubtedly one of Kapiti’s finest properties, views to die for, six bedrooms, four bathrooms, its own bar, spa pool, alfresco dining and a pool - an entertainer’s dream!
• Or, as good as it gets in Wellington City - at 286 Oriental Parade! There are few Capital cities in the world, where you can find a waterfront front family home, within a short walk of the city centre. four bedrooms, two bathrooms - with each floor being accessible by a glass lift – this home is truly exceptional.

And let’s look at a couple of our recent sales.

• Located at 88 Queen Charlotte Drive, Aotea, Porirua City - this stunning five bedroom, three bathroom home recently sold for $1.9M.
• And back to Wellington City - 6B / 172 Oriental Parade - this incredible penthouse recently sold for $3.5M.

Our agents objective, is to achieve - premium prices, for homes at all price points – so don’t hesitate to reach out to one of our teams, to find out how we can assist you.