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Tommy’s says Wellington housing market remains robust

Tommy’s says Wellington housing market remains robust

Tommy’s Real Estate, Wellington’s leading real estate agency, says that despite reports that the Wellington housing market was running out of steam, Tommy’s signed 76 sales during June.

Tommy’s managing director David Platt says, “June is traditionally one of the three quieter winter months for sales, so recording 76 sales for the month suggests that the housing market in the Capital remains robust and defies commentary to the contrary.”

Signed sales in June were up on 66 properties transacted by Tommy’s in the month prior and in April when the company signed 64 sales.

David Platt suggests that recent reports of a slowdown in Wellington’s housing market could be based on property market commentators using dated data.

“In order to make informed decisions, buyers and sellers require timely information about the housing market. The real estate industry (REINZ) has the most up to date information because it is the first and earliest source of sales data. Any market commentary based on other data sources is potentially misleading, unless it clearly states its source and the date range of the sales being reported.”

Property sales signed by Tommy’s in June ranged from $295,000 for a Taranaki Street apartment to $2,575,000 for a residential property in Kelburn. Of the total properties sold by Tommy’s City Office in June 15% were priced under $500,000; 69% were between $500,000 and $1 million; 8% were in the range $1 - 2 million; and 6% (five properties) sold for over $2 million.

“The spread of properties signed reflects Tommy’s longstanding all of market approach, we engage with property owners and buyers across the entire market and are as enthusiastic about transacting $250,000 sales as we are about $5 million properties.”

Local owner-occupiers comprised 76% of Tommy’s June sales and Wellington property investors for a further 17%, with out of town investors accounting for the remaining 6% of transactions.

Apartment sales remain strong with 21 sales, comprising 28% of June’s total sales; compared with 22 in the month prior, 33% of all sales; and 19 in April, accounting for 30% of sales for that month.

Total property listings in the Wellington region increased 33% to 1,608, which was mirrored by the national trend where listings increased by 33% to 34,281 (realestate.co.nz).

Looking ahead, Tommy’s believe the Wellington market will remain buoyant for the foreseeable future given the current level of demand and supply constraints.

“Given the level of interest in the property market and the fact that it is a key barometer of the economy, it is important that market participants have access to information that reflects the current conditions, and that the source of any market data is clearly identified together with the period it covers,” David Platt said.

Ends

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