The Local - Mt VictoriaPROPERTY INSIGHTS
The property market may be dismal but well-presented homes are still selling well, says Anji Foster of Lowe&Co
Spring has sprung, but will that mean any kind of lift in property prices this year? Probably not seems to be the most common answer. Wellington has been the worst performing property market in the country, with our prices having declined by the greatest percentage since the peak of the market. Not surprising when you consider that when the country was having sharp price increases throughout 2021, Wellington had enjoyed some of the biggest gains. What goes up often must come down.
The reasons for the current slump have been well canvassed, but what factors will shake off this currently negative climate? New Mayor? New jobs? New Government? New Peter Jackson movie trilogy? Of course, it is never one thing that shifts the needle, but often many things in unison that can turn things around. As hard as it is to know what will turn the market around, the next question is when?
In my recent calls to homeowners in Mt Victoria, most of the people I spoke with mentioned that they would not be selling until prices lifted again. If those same homeowners had sold one year ago, they would have been 14.9% better off than today according to REINZ’s July Suburb report for our neighbourhood. So, what will another year bring? A step forward, or a further step backwards?
Mt Vic’s median sale price has now dropped below Oriental Bay, Roseneath and Hataitai, with average days to sell increasing from 32 days a year ago to 41 days in July 2025. None of this makes for particularly pleasant ready when you own property in the area and is no doubt contributing to a shortage of good quality property for sale. In my mind, that’s where the real opportunity lies. Location, location, location has been replaced with presentation, presentation, presentation.
Well renovated, beautifully presented homes in central Wellington suburbs are in demand and are selling well. A recent sale of ours in Hataitai had 84 inspections and multiple unconditional, competitive offers, resulting in a sale price above the 2025 RV. Another recent sale we had was a character apartment in Te Aro, also beautifully updated and presented, with 42 inspections, multiple offers and a sale price above RV.
So, while all the factors that will determine what and when the market finally turns a corner are largely unknown, there are some things within your control if you are looking to sell in the short-medium term. Post GFC it was all about the presentation of homes for sale that made the difference between selling or not, and selling for a reasonable price or not, and we are in a similar environment now. There are so many things that can be done to improve your home’s value and maximise your chance of getting a great result, regardless of the general lackluster performance of other homes in the neighbourhood.
If you would like to receive my very simple, but thorough checklist of small but important improvements you can make around your own property, whether you are considering selling or just wanting to enjoy, please email me at anji@loweandco.nz and I would be happy to provide.
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