Wellington Market Update | October 2023
A surge in house listings is expected after Saturday’s general election, no matter who wins.
This week The Post reported pre-election tension was thought to have triggered a slump in housing stock in the capital.
It cited data that showed the total number of listings was down a record 43 per cent in September compared to a national average downturn of nine per cent.
But Tommy’s Real Estate started this month with a rush of new listings and expects even more activity after the election.
“A general election is an interesting dynamic for real estate,” Tommy’s Sales Director Tim Clark says.
“But whatever happens there are pockets of reassurance, and that confidence will always generate interest.
“The month before an election is always slow, with a lot of people sitting on their hands, waiting and seeing.
“But right after the election – whatever the result – we predict there’ll be an increased sense of urgency from both vendors and buyers.”
For Wellington in particular, the election can play a significant role in the property market — even though the outcome doesn’t matter for the region.
“The election is prominent in both our local mediascape and our local employment,” Tim says.
“That means it really doesn’t matter what the outcome of the election is in this region.
“There are always going to be people in and around Wellington who need homes because they work for government, and that will be reflected in the market.”
He says Tommy’s continues to see heightened activity and the market is getting busier. “Each month, over the last quarter, we are continuing to see more multi-offer situations, as well as more properties selling faster than what we have seen in recent times.
“The average days on market now has dropped significantly by nearly half when compared to the same time last year.
“Wellington is still lacking stock right now. However, we listed 26 new properties just last week in our city office.
“We do expect to see more new properties come to market after the election and with heightened demand it will be an interesting end to 2023.”
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