Quick Wellington Update
Jan 17th, 2018 | Louis Metson
Welcome back to the blog, I hope everyone had a great Xmas and a well-deserved break!
I thought I’d kick off the new year with a brief personal view on what I’m seeing in the Wellington marketplace.
So, what’s happening right now?
We are still short on stock.
If you’re in the market to purchase property in Wellington you would have noticed that as of this morning, there are only 441 properties for sale on Trademe.
This figure includes houses, townhouses, apartments and sections stretching from South Wellington to the border of Tawa.
Demand for property is outstripping supply and selling right now remains a good option, buying is more difficult. Now, I think it’s important to take into consideration that we will see an increase of listings coming into February/March as these are traditionally the busiest months in the marketplace.
But will it be enough to ease current competition between buyers? Who knows.
All in all, I think the market in Wellington will remain tight. Like 2017, 2018 will be a year where listing numbers remain low which means we will remain in a seller’s market, however will we see the astronomical prices lifts we saw in 2016 (22% increase in prices)?
I don’t think so.
Pressure of new money spent by the government has traditionally seen interest rates rise, which naturally affects how much buyers are willing to pay even in the face of fierce competition.
As my manager Marty Scott told our sales team in our latest meeting “Wellington will remain solid, if not unspectacular”.
I think he’s right.