WATCH: Perspectives Property Report October 2026

Welcome back to the world’s windiest city - on the brink of the 2026 election.

I’m Glen Jones, Managing Director of New Zealand Sotheby’s International Realty Wellington – and this is a short insight into our incredible part of the country.

Nationally, prices decreased 2.3% year on year – with our regional median house price similarly falling by 2% - to $745,000.

According to REINZ, within our region, the current median Days to Sell sits at 52 - much higher than the 10-year average for September of 40 days.

A perfect storm of variables has converged on our market - but one factor stands above the rest - supply. Auckland and Wellington have now each experienced an incredible 32 consecutive months of year-on-year inventory growth.

Our region posted its lowest August sales count on record, and in September Wellington and Hawke’s Bay each had their lowest September sales count since 2010.

To add some context to what this means on the ground - within the Wellington region, at the market peak 5-years ago, there were just over 1,300 properties on the market; today there are almost 3,000 – a seismic shift in stock levels, up over 120%.

Both Wellington and Lower Hutt City prices have corrected 32% since the peak – with the Wellington Region sitting around 25% below 2021 price levels.

And, although it makes great headlines - the reality is that the market has been undergoing a significant correction  - and this new landscape opens opportunities a plenty for well-informed buyers and indeed first-time home buyers - who now make up over 35% of the sales in our region.

With ongoing inventory growth, a general election on the horizon, and passive buyer sentiment - these - lethargic conditions are likely to remain the norm for many months to come.

Given where the market is at and what we believe the landscape will look like going forward - our advice remains - selling today, is likely more advantageous than selling tomorrow.

Although we sell homes of all values, these next 3 listings sit very much at the higher end of the sales spectrum, but one’s worth highlighting:

3 Maramanui Way, Karaka Bay Wellington - stands an exceptional four-bedroom Ian Athfield-designed home. There is absolutely no doubt that this is one of the finest homes around.

Another of Wellington’s iconic homes designed by the renowned architectural firm Novak + Middleton - 34 Lookout Road, Roseneath. With 4 spacious bedrooms, and, amongst the many other attributes, you get to enjoy Wellington City as your backdrop day and night!

Heading over the hill to the Wairarapa - 136 Hinekura Road, Martinborough is a beautifully - curated retreat where architectural scale, resort-style living and established grounds come together just minutes from the village.

And here are some of our recent highly successful sales:

Over to the Kapiti Coast, 4 Ashleigh Way, Waikanae Beach is a lovely brick and tile downsizers home which we have just sold for $915,000.

Down to Whitby, 11 Spinnaker Drive – this beautiful 6-bedroom home recently sold for a little more than $1.2M.

In Upper Hutt, 7 Orongomai Street, Wallaceville a recently built 3 bedroom, 3-bathroom home sold for $790,000.

And in the exclusive Mt Victoria suburb in Wellington City, at 56 Majoribanks Street, we have just sold an immaculate double-bay villa for $3.4M.

Despite the subdued REINZ housing data - Wellington’s economy is showing clear signs of recovery - driven by tech growth, major events, new investment, urban revitalisation, and strong tourism performance.

And nationally our economy is showing measurable improvement - stronger GDP growth than major global peers, rising business investment, stabilising employment, improving government finances, and a robust tourism rebound. All of which bodes well for the years to come and indeed for the real estate industry.

Sotheby’s International Realty is well represented by 5 strong offices covering the Wellington region. So please reach out to one of our teams to discuss what the - “Sotheby’s” experience - might look like - for your home.