Market Update — From Mike Russell

Welcome everyone to our quarterly newsletter update. It's great to connect with you all, and if you have any questions or comments, please do not hesitate to contact me.

On the ground, Wellington's market has settled into a balanced spot. Property stock has come off its highs quite sharply — we're currently sitting at 887 listings, which is 24% down from the peak of 1,168 back in March this year. Stock levels have been absorbing faster than new listings are coming on and are now tracking close to the long-term average. Prices across the region have been broadly flat and with 12-month fixed mortgage rates at 4.99%, it is a very good time to buy.

For us at Russell Properties, January to April were relatively slow sales months, mainly down to a lack of completed stock to sell. That's turned around since — we secured five unconditional contracts in July, with a further three properties currently under contract.

On our side, it's pleasing to see traffic to our website ticking up nicely since Josh – our new social media king, kicked off our social media push in June — weekly visits have been running noticeably higher than earlier in the year.

If you are thinking about buying new or just want some more information then please do not hesitate to contact us.