Wellingtonians - 'Shift Happens' - The Market Just Flipped the Script 🏠

We interrupt our normal advisory series - where we share all the tips, tricks, and hacks from over 400 sales to help sellers and buyers achieve property success and great experiences - to give a quick update on our dear friend, the market.

The NZ Property Report just out (from realestate.co.nz) sums up Wellington in numbers and words below - pick which you prefer:

NZ Property Report Stats (The Numbers)

Wellington Inventory (a measure of market supply versus demand) was 15 equivalent weeks in February, compared to a long-term average (LTA) of 15 weeks.

• A measure of market balance and power: when inventory is well below LTA, it’s a seller’s market; when it’s well above LTA, it’s a buyer’s market. Inventory at LTA signals a balanced market, favouring neither sellers nor buyers.

• Equivalent weeks of sale represents the number of weeks it would take to clear all stock on the market at the current rate of sale.

Wellington New Listings & Stock – 939 new listings came onto the market in February, a small 1.3% increase on February last year. However, the total stock of properties on the market was 2,120, which is 23% higher than February last year.

NZ Property Report Quotes (The Words)

The NZ Property Report summed up the market with these key takeaways:

• "A more balanced playing field between buyers and sellers."

• "Properties are still selling, but at a steady pace."

• "This is great news for buyers, who have more options and more negotiating power."

• "The good news for sellers is that properties are selling, with the number of properties sold increasing in January by 17.5% year-on-year, so working with agents and other experts to make your property attractive is key."

• "With high stock levels, sellers are having to be more willing to negotiate."

Our Take for Sellers

When the market is balanced or favouring buyers, your agent's experience, negotiation ability, and conflict-resolution skills are the real keys to your success.

Our latest sale was completed in three weeks, achieved a great price, and received a five-star seller review. The sellers are off to start their next exciting chapter, and the buyers have a new family home to create their special memories in. We’re over the moon for both.

The quotes above mention "making your property attractive" and "being more willing to negotiate." The clues are in those statements.

Being willing to negotiate is one thing, but it’s not enough on its own if you want the best result. You also need a skilled negotiator representing your interests.

Our Advice?

This is NOT the time to shop for the cheapest and most agreeable agent, thinking your property will sell itself. In fact, it’s the time to do the exact opposite—hire the best and most capable agent based on skills and results.

A top agent will get you a higher sale price in a shorter time... and, not to put too fine a point on it, they will actually get you SOLD rather than unsold.

For an update on where your property stands and how to help it sell faster and for more, get in touch:

leonie.snook@harcourts.co.nz | 027 518 0008

No sales pitch, no fuss—just service!