My taste in music might be a bit limited, but one band that stands out as my absolute favourite is the Red-Hot Chili Peppers. My love for their music started back in the day at the Riversdale Surf Life Saving Club, where Blood Sugar Sex Magik was played on repeat for weeks during those long summer days.
In my humble opinion, their worst album was Rollercoaster. Now, that’s a bit harsh, but it came at a time when their iconic lead guitarist, John Frusciante, had left the band, and they brought in Dave Navarro. The album’s overall vibe felt off, a one hit wonder and one best forgotten. The same goes for 2024, an absolute rollercoaster of a year for the Real Estate industry and one we would be happy to forget. Let’s look back on 2024, the year that was.
The Start
The year kicked off with a bang. In fact, the first few months turned out to be the best three months we’d had in 14 years. During one auction run, we sold 20 properties in a row, and for a moment, we thought the tough market of 2023 was behind us and that property prices had finally stabilised. But as we moved into the autumn months, it became clear the market was starting to shift. Buyers were growing more concerned about their job security, and the confidence we’d seen earlier in the year began to wane.
The Long Winter
The restructuring of public departments dominated headlines in the capital throughout much of the autumn period. If you had the title of consultant, it likely meant you were living off two-minute noodles until the next contract. While public sector job cuts aren’t new to Wellington, combining this with a post-COVID economy still struggling with high inflation created something of a perfect storm. During these months, the real estate market started to slow down, at times it felt like it was in hibernation. Days on market started crept out past 50 days, and clearance rates for all methods were sitting around 30% after 90 days on the market. Buyers held out hoping for the long-anticipated interest rate drops as inflation started to fall back into target ranges
Interest Rates
As I mentioned at the start of the year, it was anticipated that interest rates would drop sooner than initially indicated by the Reserve Bank. A drop in interest rates typically signals that the economy needs some stimulation, though the effects of this take time to be felt. When the 75-basis point cut happened, many expected house prices to rise overnight, similar to our experience during the COVID period. However, the reality was that the interest rate drop had little to no impact on prices, as banks are still taking a cautious approach to lending. While the data may show a slight uptick in sale prices, this has been offset by an increase in stock, as vendors hold onto the hope that prices will bounce back. Unlike the chaos of 2020, the Reserve Bank is expected to lower rates gradually, to avoid repeating the circumstances that got us here.
Shutting Up Early
Spring started off strong, but as we moved into November, everything came to a grinding halt. We noticed open home attendance dropping and price feedback from buyers failing to align with appraisal ranges. It feels like many are eager to see the back of this year, let’s hope as with the new years of the past, we all return from our summer break with the sense of optimism that comes with starting fresh.
The Wellington Market
It feels like we are ending the year in a slightly more balanced state than the first nine months. Days on market are starting to align more closely with long-term averages. It’s been a tough 12 months for the capital, with huge rates hikes, businesses closing, ongoing water issues, and more orange cones than people on Courtney Place! But 2025 is looking like our year.
Enjoy a well-deserved break with your family and friends and we look forward to seeing you all on the flip side.
Wellington Market Quick Stats
What’s on in Welly?
Christmas in the Quarters, Queens Wharf, Waitangi Park 23 Nov-14 Dec 2025
Christmas in the Quarters will be in four different parts of the city. It doesn’t matter if you celebrate Christmas or not — there are plenty of things to see and do. The events include Christmas crafts, music, performances, circus acts, ice skating, Santa’s arrival, and carol singing.
The last two events will be on Saturday 7 and 14 December. Festivities are between 11am to 5pm and are free to attend, so there might be crowds and queues.
Gardens Magic, Wellington Botanic Garden, 7-26 January 2025
Among the manicured lawns and towering trees of Wellington Botanic Garden ki Paekākā, a summer of music awaits. For three weeks over January, the Soundshell will play host to an array of musical talent. With everything from jazz to rock and roll, there is sure to be something to tickle your fancy. Get there early to claim your spot in front of the stage before the lawn becomes a patchwork of picnic rugs and music lovers.
This concert series is free and perfect for the whole family. During the day, a Garden Trail and Explorer Days run for kids to enjoy. When the night comes on and the music winds down, a light display will transform the garden into a magical forest of light and colour.
Click here for more information
Jim Beam Homegrown, Wellington Waterfront, 14-15 March 2025
The 2025 event is the 18th year for Jim Beam Homegrown, and it’s celebrating in style. For the first time ever, the music festival is expanding to two days. Kicking off on Friday night, genre-defying Synthony will headline the Park Stage. The show will start the weekend with a bang, combining live orchestral sound and electronic beats. Friday will also include performances from Stan Walker Lee Mvtthews, Ché-Fu & The Kratez + King Kapisi, and rising stars, Katayanagi Twins.
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.
