Wellington Market Update | May 2023
With signs of more buyers entering the housing market, this winter could be a golden opportunity to trade up, downsize or secure that first home while prices are still lower.
What’s more, with the Reserve Bank proposing to relax loan-to-value ratios, mortgages could become easier to obtain.
“With such low volumes of sales over the past 12-18 months, banks are very keen to lend,” Tommy’s Real Estate Director Nicki Cruickshank says.
“And with house prices probably at their lowest, we are noticing more people are starting to come back into the market, so I think by spring/summer, there will be a significant increase in activity.
“So if you have finance organised and are thinking about buying, I really do think now is the time to get out there and find your next home.”
Nicki believes not enough sellers appreciate the advantages of listing their homes in winter.
“Buying and selling of property is like anything else,” she says. “One of the major factors that influence prices is supply and demand.
“Most people perceive the best time to sell their house is when the sun is shining and the flowers are blooming – spring or summer.
“But that just leads to a greater supply of stock and more choice, which means less pressure on buyers.
“What we do know is the number of buyers in Wellington is pretty steady all year around, aside from a slight boost in February when people come back from holiday, having had time to chat and decide they want to upsize or downsize.
“So if you want to attract the most buyers, you need to sell when the number of properties is at its lowest – and that’s winter.”
However, Nicki recommends sellers make their homes as warm and attractive as possible to offset the colder, wetter weather.
“The main thing to make your home appealing in winter is to have it cosy and warm,” she says. “If a buyer walks into a cold house, they will never buy it.
“And make sure you have good lighting as well.”
Another key factor is ventilation. “Most people make up their mind whether they are going to pursue a property within five minutes of opening the front door,” she says.
”And nothing puts them off quicker than a home that smells. So make sure your house is well ventilated: you don’t want ‘musty’ smells and pet owners should remember not everyone loves the smell of dogs in homes.” But some smells can be your best friend, Nicki says.
“Popular smells in houses are coffee brewing or the smell of fresh baking. You don’t even have to bake – just turning on your oven for a short time with some vanilla essence on the tray will work.”
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