Wellington real estate market update: March 2019

Wellington real estate market update: March 2019

In our latest podcast, we aim to answer your questions on the current state of the Wellington real estate market. We cover topics like:

Are we heading towards a buyers market in Wellington? Is it still a good time to buy?

Are insurance changes having an impact on sale prices? Will I still be able to get insurance when I buy a home?

What are banks like at the moment? What timeframes can I expect when arranging pre-approvals?

Top mortgage broker Jenny Cheevers popped into the office to talk through these questions with us. You can listen to the complete audio here:

Click here to follow us on Spotify. We will be interviewing a collection of clever property people in the coming months.

If you need an amazing mortgage broker, you can find Jenny here or call her direct on 0272446686.

Keep reading to view the latest stats on our local market, put together by Relatable based data provided by REINZ, including all sales recorded up to the end of February 2019.

Median sale price:

Houses / townhouses / units: $790k

Apartments: $583k

Wellington median sale price March 2019

Comment: Certainly the median sale price isn’t pointing towards a slowing market. $791 almost matched the previous record for Wellington City, which was recorded in November 2018. We saw the number of properties for sale increase dramatically in February so it will be interesting to see what happens to this chart in the months ahead.

Median days to sell:

Houses / townhouses / units: 23

Apartments: 34

Wellington median days to sell - March 2019

Comment: No great changes in the stats here but it’s worth remembering that these figures only account for properties that have actually sold. We are seeing more and more properties staying on the market after their original tender date has passed as buyers mull over their increased choice.

Median % over RV

Houses / townhouses / units: +7%

Apartments: +10%

Wellington median percent over Rateable Value - March 2019

Comment: The big dip in the chart above is due to new RV’s being released in Wellington in Nov 2018. The new figures (7-10% above RV) reflect what we are seeing out in the marketplace: Most properties are selling slightly above their new RV but the results vary massively from house to house, with some houses selling below RV and some selling well above. RV’s are an inexact science at the best of times.

The moral of the story is – don’t rely on an RV to tell you what a house is worth. The Rateable Value is only one part of the puzzle. To really know market value, you need to visit a number of homes in your target area, find out what they are selling for and use other tools at your disposal (like homes.co.nz, recent sales info etc) to decide where to pitch your offer.

Read more hereThe 5 step home valuation method.

What is the best way to sell?

Wellington real estate sale method performance March 2019

Comment: Tender is still consistently outperforming other sale methods.

If getting the best possible price is important to you then hiring the right agent who knows how to manage a fixed date process is essential. So is making sure you expose your property to the entire market (by not selling it too quickly).

Click here to order an online quote from our team.

Note: The 3rd category in the chart above, ‘private treaty’ includes everything that wasn’t sold via auction or tender, including properties marketed with a price, BEO, deadline sale, by negotiation etc. This category will include properties that were originally marketed as tenders or auctions but didn’t sell by the initial deadline.

Next step for buyers:

View our properties for sale. We have something for nearly everyone right now…

Also read: How to make smart property decisions.

Next step for sellers: 

41 step preparing for sale checklist

Don’t miss a single step in the selling process. Fill in your details below and download our:

“41 step preparing for sale checklist”

Or request a no-obligation selling quote online.


Andrew Duncan

I love working with nice people, enjoying plant-based food, CrossFit, NFL and living in Wellington, New Zealand.

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