WATCH: Perspectives Property Report September 2025

Welcome back to the World’s Windiest City – on a good day!

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.

Within the Wellington region, house prices are now down a whopping 26% since the market peak four years ago – the landscape remains somewhat challenging!

According to REINZ, the current median days to sell sits at 53 - much more than the 10-year average for July of 40 days.

And whilst nationally prices increased 1.8% year on year, our median house price has fallen a little -  1.3% year on year, to $755,000.

Inventory levels remain high, meaning more choice for buyers. It is clearly still very much a buyers’ market, especially at the middle to higher end of the price spectrum.

However, with first-time home buyer activity remaining strong, making up over 35% of the transactions, the pendulum in that part of the market is certainly beginning to swing back in favour of vendors.

Investors are slowly re-entering the market, no doubt due to where values sit in the current market cycle; as well as tax rules shifting back in their favour; and encouraged further by lower mortgage rates.

With that said, the OCR - having peaked at 5.5% - following much-needed stimulation - now sits at 3%, with predictions for it to bottom out at 2.5% by Christmas. Moving into the final quarter of the year, and beyond, this will inject greater confidence into the market generally.

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Recent Listings

At 106 Silverstream Road, Crofton Downs, Wellington stands a beautifully designed six-bedroom family home – delivering low-maintenance living coupled with convenience.

In Upper Hutt, we have 9A McCarthy Grove, Clouston Park. Great for entertaining, this is a big and bold family house with five bedrooms – offering elevated living and exceptional views.

Heading over the hill to the Wairarapa, nestled within 1.3 hectares of land, 7 Rexwood Estate in Carterton is a stunningly modern four-bedroom home, offering exceptional lifestyle and versatility.

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Recent Highly Successful Sales

4 Puriri Street, Woburn, Lower Hutt. This beautiful 1930s residence recently sold for a little under $1.6M.

Across to the Kapiti Coast, 15 Karekare Road – this contemporary home with sweeping views of Kapiti Island has just sold for a little over $2.7M.

And back to Wellington City, in a market where apartments are not easily selling, we oversaw a fantastic result – achieving a little under $2.2M at 14G/9 Chews Lane, for a three-bedroom, 130 sqm, 14th-floor apartment.

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Sotheby’s International Realty has a multitude of offices located across the globe, 29 of which cover New Zealand - and we are well represented with five offices spanning the Wellington region.

We sell homes across all price ranges - so please reach out to one of our teams to discuss what the “Sotheby’s experience” might look like for your home.