Wellington real estate market update: April 2019

Wellington real estate market update: April 2019

Every month at relatable, we analyse the stats and take a deep-dive look at the Wellington real estate market.

Intro: The number of properties for sale in Wellington shot up over the past few months, getting as high as 741 in early April (there were 569 for sale at the same time last year). We haven’t seen those sorts of stock levels (700+) in years. This largely seems to have been caused by owners trying to sell at what they feel may be the peak of the market.

The other factor increasing stock levels appears to be investors choosing to exit the market before proposed government tax law changes tack effect. Although with a capital gains tax now off the table, this rush to sell may slow down slightly.

UPDATE: The number of properties on the market has reduced to 659, (as at 20th April 2019).

This rise in properties available for sale over Summer resulted in reduced visitor numbers at many open homes and reduced numbers of offers at tender deadlines. Prices still appear to be holding though (see graphs below), showing buyers are still prepared to offer good prices for quality houses.


In our latest podcast, we covered questions on the current state of the Wellington real estate market. Including:

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?

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.

Keep scrolling to check out some stats!

Note: Figures below are generated from REINZ sales up to March 31st, 2019 and ‘Wellington City’ covers Tawa to Seatoun and everything in between…


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.


Median sale price:

Houses / townhouses / units: $788k

Apartments: $552,500k

Median sale price, wellington real estate April 2019

Comment: Steady as she goes! No signs of a slowing market quite yet, despite the big jump in the number of properties on the market over the past 2 months. The median sale price of $788k (for non-apartment properties) almost matched the previous record for Wellington City, which was recorded in November 2018.


Median days to sell:

Houses / townhouses / units: 26

Apartments: 22

Median days to sell, wellington real estate April 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 the increased choice on offer.

Read The 5 improvements that maximise value.


Median % over RV

Houses / townhouses / units: +8%

Apartments: +6%

Percent over RV, wellington real estate April 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 (6-8% 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?

In March 2019 Auction and Tender were neck and neck! 11% above RV vs 10% above RV.

Auction vs Tender, wellington real estate April 2019

Comment: Fixed date selling processes (Auction and Tender) are still consistently outperforming other sale methods (and market averages). It is worth noting though that the stats for Auction and Tender do not include properties that were originally marketed via Tender or Auction but didn’t sell at their deadline, which is happening quite a lot at the moment. It’s hard to know exact stats across the Wellington market but we would estimate anywhere from 30-50% of tender properties don’t sell at their advertised deadline.

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.

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Andrew Duncan

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

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