It’s not often we see a genuine first, but last month Dr Anna Breman was appointed the first woman Governor of the Reserve Bank. While not a Kiwi, she arrives with no political baggage and a clean slate, and with a bit of good management she will arrive just in time to steer us through the final days of the economic slump we have been in. The question on everybody’s lips, will she be bold enough to make a 50 basis point cut to the OCR? I’m picking yes!
This month we touch on a few of the early indicators that the Wellington real estate is stirring back to life (albeit unreported.)
Private Viewings, A Shift In Buyer Psychology
Most people bringing their home to the market anticipate opening it daily for buyers to view. The reality is in fact very different. For the past four years, open homes have been where the bulk of buyers show up, with private viewings making up only a sliver of the inspections across a 28-day campaign. But when confidence returns, urgency returns and suddenly buyers are anxious to view before the masses. Across the last two months, our team has noticed a distinct uptick in private inspections, a tell-tale signal that buyers believe if they wait, they’ll miss out. A positive sign for the market, and that is just the just a start.
Days on Market. They’re still high, but falling
Good quality properties with motivated vendors sell in a shorter space of time and for more money than an average home in every market. An average home in Wellington however is taking a long time to sell, as of August this number was 50 days. The good news? This is much better than the 54 days it took to sell in February, and this number has been falling month on month. Zoom out and the Auckland market has trimmed ten days off the average days to sell in just a few months! This doesn’t happen in a flat market; it happens when buyers are motivated by a feeling that the price to purchase a home today is likely to be cheaper than it will be tomorrow.
Auctions Lead The Way
Data tells the story of the market, and we use it to stay clear of the agent rhetoric (fiction). As one of the few agencies in Wellington selling by all methods, auctions, tender, deadline, and price by negotiation, we have a unique insight into how each is performing in the current climate. The past three years have been undeniably tough, but auctions have consistently led the way, delivering the best result in the shortest period with the highest likelihood of selling within a 90-day agency period. That’s a fact. As conditions improve, the other methods will also see better success rates. We may even see a resurgence of BEO (Buyer Enquiry Over). Not because the method itself works, but because buyers are confident in their knowledge of where true market value sits.
Social Media
Remember the days your social media feeds were clogged with “SOLD in just 2 days!’ ‘SOLD for a street record!’ Those record-price headlines may soon make a comeback. Expect fewer agent selfies in front of signs, and more photos of smiling vendors celebrating result. It’s been a long time coming and we’re here for it!
The Wellington Market
What a treat to finally deliver some positive news. And here’s the best evidence yet! In the past two weeks, our team have sold 100% of our scheduled auctions under the hammer. That’s 6 homes out of 6. And at the risk of getting ahead of ourselves, its looking positive for the three homes wrapping up their campaigns this Friday too.
Of all those sales the absolute highlight was the sale of a three-bedroom home at 30 Cortina Ave, Johnsonville. We had a whopping 17 buyers in an unconditional position registered to compete on that home. That kind of competition is something we haven’t seen in years and what a thrilling auction it was. After 37 frenzied bids, the home sold unconditionally. The result? 7% above the new RV (look out for it in your Instagram feed!)
If the Reserve Bank follows through with a decisive OCR cut, all metrics suggest this momentum will carry right through to Christmas.
Wellington Market Quick Stats
What’s on in Welly?
Wellington Jazz Festival – Various Locations – 15 October 2025
Soul, funk, jazz, fusion, rhythm and blues — it’s a celebration of sound across the city this spring. The annual Wellington Jazz Festival is back. The event packs over 200 gigs into five days in venues around the city.
The festival features two major international acts making exclusive New Zealand debuts. Wellington will see two-time Grammy Award-winning jazz vocalist and bandleader, Gregory Porter and five-time Grammy Award-winning jazz singer, Samara Joy. Gregory Porter’s unique and timeless sound blends jazz, soul, and gospel. His influences include Bakersfield Southern Gospel and jazz legend Nat King Cole. At just 25 years old, Samara Joy has become a breakout jazz sensation. She’s redefining 21st-century jazz with a rich, mature tone and refined phrasing.
Diwali Festival of Lights, TSB Arena and Shed 6 – 12 October 2025
Diwali Festival of Lights is an exciting cultural celebration with fun activities for the whole whānau. Experience the colours, tastes, and sounds of India and South-East Asia. TSB Arena and Shed 6 will host a variety of performances and plenty of activities to keep you entertained. Take part in henna painting and lantern-making. Feast on delicious regional cuisine, explore Indian fashion and jewellery, and meet local community groups. Most importantly, enjoy this important and joyous festival.
At the end of the night, enjoy the fireworks show as the event goes out with a bang. The fireworks display will start at approximately 8:50pm on Wellington Harbour (weather dependent).
Black Caps vs England, 3rd ODI, Sky Stadium – 1 November 2025
Rivalry reignited, Summer cricket doesn’t get bigger than this. Soak up the electric atmosphere, summer vibes, and world-class cricket, right here at home. It’s the perfect outing for family, mates, or anyone who loves the game. These matches are set to be crowd favourites, secure your tickets now!
Meet the Ben Stevens & the Team
If you, or anyone you know, could benefit from a considered market assessment by Wellington’s only licensed agent and registered property valuer, please do not hesitate to call. We are always happy to help.
