Wellington Market Update | April 2024   Wellington house prices are slowly “bouncing back” in the face of a challenging economy, Tommy’s Real Estate Sales Director Tim Clark says.    The latest QV House Price Index report shows Wellington was second only to Queenstown for house price growth in the first quarter of 2024.   “Of the main urban areas we monitor, Queenstown experienced the most growth this quarter at 2.7 percent, with Wellington and Christchurch not far behind on 2 percent and 1.5 percent respectively,” QV says.   “Once again, Kapiti (5 percent) has record ..read more

Wellington Market Update | March 2024 A huge upsurge in houses for sale in Wellington means not only sellers have to put their best foot forward but buyers need to be on their toes, too. That’s the advice of Tommy’s Real Sales Director Tim Clark following the release of Real Estate Institute of NZ data that showed a 148 per cent hike in January listings across the region. “The Wellington market has seen a large number of new listings and at Tommy’s Real Estate we have a large portion of those,” Tim says. “So there is plenty of choice for buyers right now and sellers need to make sure they pu ..read more

Wellington Market Update | February 2024 More houses for sale, the prospect of lower interest rates, and the likelihood of improved capital gain make this the optimal time to buy a home in Wellington, Tommy’s Sales Director Tim Clark says. “The Wellington market is experiencing a unique moment in time right now. “Prices have settled into their new normal, lots of new stock is coming to the market and increased buyer activity is resulting in multi-offers. “We also have pundits suggesting that interest rates will start to decrease sooner than expected and predicting house prices to increase as ..read more

Wellington Market Update | January 2024 Buy now if you can! That’s the advice of Tommy’s Real Estate Sales Director Tim Clark, who predicts a buoyant year for the housing market in Wellington. “We have hit the ground running,” he says. “It’s been the busiest start we have seen in the last two-to-three years, with lots of new listings coming to market and lots of buyer activity. “We have sold more this year than we did at the start of January last year, which is a continuation of the trend from the last couple of quarters of 2023.” The Real Estate Institute of NZ’s December property report not ..read more

Wellington Market Update | December 2023 It looks like being a happy new year for the Wellington housing market, with both buyers and sellers becoming more motivated after 12 months of uncertainty. Tommy’s Real Estate Sales Director Tim Clark says 2023 was “an interesting year” for real estate in not only Wellington but also the rest of the country. “The market conditions in December are quite different to what they were in January,” he points out. “We now have more stability and confidence with interest rates levelling, prices stabilising, and the election now completed.  “The demand i ..read more

Wellington Market Update | November 2023 Wellington’s housing market is expected to pick up post-election as buyers and sellers get to grips with new government policies that may help to stimulate activity. “Since the election, we have seen a lift in listings and appraisals, and sales have shown a modest increase,” Tommy’s Sales Director Tim Clark says. “In the first week of November, Tommy’s sold 16 properties and there were 45 offers across these sales. “This indicates that the market will continue to get busier, although buyers seem cautiously optimistic. “They’re waiting to see how the n ..read more

Is Wellington seeing a property market resurgence? Wellington struggles with high housing demand and low stock levels. The Wellington property market is struggling to keep up with demand thanks to an over-representation of house-hunters and an under-supply of housing stock, indicating a possible market resurgence ahead of the rest of the country. Tommy’s Real Estate Wellington CEO Ben Castle says this imbalance makes it the ideal time to sell. “In August, 67 properties went through Tommy’s books, with 131 offers,” Castle says. “Multi-offers are the norm right now because so many people are tr ..read more

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,” Tomm ..read more

Wellington Market Update | September 2023 More Wellington homes are receiving multiple offers and selling in shorter timeframes, prompting “savvy vendors” to come to the market earlier than planned, Tommy’s Sales Director Tim Clark says. “At Tommy’s, we are seeing more activity across the board. Low stock levels-and-increased demand is the story of the current market.” Tim says that as well as more first-home buyer activity, “we are seeing multi-offers on properties in the mid-$1 million and even early-$2 million range. “This month we also sold a property for $3 million.” But the busiest ..read more

Tommy’s Real Estate continues to win more national awards than any other Wellington agency under a new management team that sees community partnerships as pivotal to its future. Tommy’s latest success in the Real Estate Institute of NZ Awards comes on the eve of the company celebrating its next milestone. “Tommy’s turns 25 years old in 2024 and there is no sign of us slowing down,” Tommy’s Group CEO Ben Castle says. “We continue to learn, continue to grow, and will always strive to support our community and deliver success to our customers and clients and we are looking forward to being here ..read more