Wellington houses for sale up, house prices down

Monday, 3 February 2025

Wellington had 757 new properties come on to the market in January - up 30.5% on last year.

Wellington’s property market is working a bit like a seesaw, the numbers of houses on the market going up while the average house price is going down.

While Wellington has followed the national trend of increasing numbers of houses on the market in the last month, prices are continuing a slow slide.

Realestate.co.nz’s January property report showed nationally that after a record low new listings for any December sellers jumped into the market in January, with new listings reaching levels not seen during January since 2015.

Realestate.co.nz chief executive Sarah Wood said with so many properties going on to the market there was a lot of choice about.

That was true of Wellington with 757 new properties coming to market in January ‒ up 30.5% on last year. There were 8904 new listings around the country, up 21.2% on last year.

Chief executive officer Sarah Wood said the market continued to offer strong opportunities for those wanting to buy and sell.

“Lots of choice, combined with relative price stability, offers certainty for both buyers and sellers. And as interest rates decline, the market may become more appealing for those on the sidelines.”

“When things will change is anyone’s guess. And right now, we still have high stock levels to cycle through, so it is unlikely that we will see a frantic rebound. But the market is cyclical, and eventually, we will see a shift.”

But while there is choice, Wellington’s average asking price is down 5.3% to $828,677 ‒ from $875,362 last month.

If there is good news for the capital’s sluggish property market, it’s that Wellington has the lowest rate of sale in the country, 16 weeks to sell out of all properties currently on the market.

Wood said the nearly 9000 new listings that came onto the market nationally during January was a significant increase from December's record-low new listing figures.

“The country seems to take a collective holiday during January, and over the past few years, sellers have appeared to do the same. This is the first time new listings have been around 9000 in the month of January since 2015.”

Four regions – Auckland, Hawke's Bay, Nelson & Bays, and Southland – saw prices grow both month-on-month and year-on-year, while Coromandel, Waikato, Wairarapa, and Wellington recorded declines over the same periods.

“With interest rates easing and plenty of properties to choose from, the strong start to 2025 creates prime opportunity for those ready to make their move,” concluded Wood.