Wellington Properties Sit 47 Days on Market as Sellers Slash Prices

Wellington residential listings took an average 47 days to sell during the June quarter, up sharply from 31 days a year earlier, while the share of properties sold below asking price climbed to 38 percent.

The change reflects a build-up of listings after two years of tighter supply and steady mortgage rates that have left more buyers waiting for clearer signals before committing.

Te Aro apartments along Ghuznee Street have taken the longest to clear, with several one-bedroom units listed since March still unsold. In Newtown, three-bedroom houses near the Newtown School have required repeated price adjustments, according to listings tracked through the Real Estate Institute of New Zealand portal.

Central neighbourhoods show clearest slowdown

REINZ figures released on 9 July put the city-wide median sale price at $792,000, down 2.3 percent from the same quarter last year. Vendor discounts averaged 5.1 percent off the original asking price, the highest quarterly reading since late 2023. In Brooklyn, homes on Cleveland Street recorded an average 61 days on market, with two properties dropping their prices by $45,000 and $62,000 respectively before contracts were signed.

Wellington City Council’s recent consent approvals for 214 new units in Mt Cook have added further stock at a time when first-home buyer activity remains subdued. Local agents report that open-home attendance has fallen by roughly one-fifth compared with the same period in 2025.

Practical steps for buyers and sellers

Sellers listing now should prepare for inspections spread over at least six weeks and budget for at least one price revision. Buyers who can move quickly on well-presented stock still secure properties within the first fortnight, particularly those under $650,000 in Aro Valley. The next REINZ release, due in early August, will show whether the trend continued into July.