The Wellington real estate market in 2022 has been a challenge to navigate for vendors, buyers and agents. The decline in prices coupled with rising interest rates and inflation has seen the Wellington market change dramatically from a seller’s market to a buyer’s market in the space of a few months. 

The average sale price for 2022 as of November 28th is $1,051,271 this represents a rolling reduction compared with 2021 of 17-19%. Regarding sales volumes, as of November 28th, 2022, 2,438 property sales had taken place in Wellington City. If you compare with November 2021 when 3,543 sales had taken place; this is a 31.18% decrease in the number of property transactions. 

However, it’s not all doom and gloom, the latest statistics for the month of October 2022 shows an increase in the number of transactions by 8.4% in September 2022. The average days on Market as of November 2022 is 49 days, which is down from around 59 earlier in the year. 

If you are wanting to sell in 2023, call us for a no obligation discussion on how we will maximise the sale of your home. 

*Data sourced from online portals public & subscription based.