Perspectives Property Report September 2023

Welcome! I’m Glen Jones, Managing Director; of New Zealand Sotheby’s International Realty – here in the Capital. And today I’m going to give you a perspective into our incredible region. 

There are over 1,000 Sotheby’s International Realty offices throughout the world, 26 of those are located in New Zealand, with 5 of them situated here in the Wellington region: - Masterton; Greytown; Kapiti; Hutt Valley; and here in the City. 

The Wellington region is home to half a million people, or 10% of our population. According to the 2018 census, we have an average age of around 37, more than 200,000 private households, with over 50% of Wellingtonians owning their own home.

Wellington, it has it all – the seat of government, a vibrant central hub, incredible student life, a remarkable waterfront, beaches a plenty, vineyards, world class events, scenery to die for, and some of the country’s best food & wine. 

With regard to our market, to give you a comparison, near the peak of the market two years ago, - the average house price sat around $860,000 – and they were typically selling within 33 days.

Today, our average house price has fallen to $737,000; and it is taking approximately 52 days to sell a home. So, a monumental change!

However, in recent months - the good news is that we’re seeing some really positive signs. 

Over the last few months enquiry levels and open home numbers are up significantly, and we are seeing multiple offers again, including unconditional offers. 

However, buyers are still key, they have choices, so homes presented well, in good condition and marketed comprehensively have a much higher success rate. Hence why reaching out to one of our offices, where our approach to service, marketing, presentation and our extensive global reach are critical components to the success of our business, and therefore, in turn, the results of our clients. 

Let me show you some of our standout homes

• Unit 16:02, Victoria Street Wellington City - this remarkable Willis Bond new build and no doubt the best penthouse on the market is 107 square metres, 2 bedrooms, 2 bathrooms, engineered oak floors, full height glazing, north and east aspects with some of the best views in the Capital – this has a price guide of $2.6M.

• If you’re looking for lifestyle and an easy commute to the city, then look no further than 42B Murphy’s Road, Judgeford – an area known for some of the most stunning lifestyle homes in our region, this exceptional 350 square metre home comes with 4 bedrooms, 3 living spaces, 2.5 bathrooms, a horse arena and is situated on 6 hectares of land.

• If a lifestyle home in the heart of wine country has greater appeal, then you must check out 102 Oxford Street, Martinborough – situated within landscaped grounds, this majestic 319 square metre home has it all - 4 bedrooms, 2 bathrooms, underfloor heating throughout, and an outdoor swimming pool.

And here are a couple of our recent sales both receiving multiple offers, indeed both received multiple unconditional offers on the day; 

• This lovely 5-bedroom family home at 458 Stokes Valley Road, in the Hutt Valley, recently sold for $983,000; 

• and a stunning 4-bedroom home located at 27 Smithfield Road, Kapiti, was sold recently for $1.31M. 

Thank you for joining us today, and for any real estate advice, then please don’t hesitate to reach out to one of our many fantastic teams across the country.