The Wellington region property pulse factsheet for July 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).
Property sales across the Wellington region at 549 in the month rose on a seasonally adjusted basis in July and are up 16% as compared to a year ago. The inventory of unsold houses on the market rose slightly to 21 weeks of equivalent sales. This continues to see the inventory of unsold houses below the long-term average of 23 weeks of equivalent sales.
The stratified mean sales price of properties sold in the Wellington region at $406,650 was up just 1% compared to July last year, over the longer term the trend has been a fairly flat. The asking price expectation of new listings was up just 3% as compared to a year ago at $442,590.
The level of new listings coming onto the market in July at 763 was down as compared to June, but up 15% as compared to a year ago.
This data indicates that the Wellington region remains in a seller’s market. The rate of sales is still strong and overall inventory is low providing buyers with limited choice. Set against this situation there is a steady flow of new listings and prices do not show any significant appreciation nor are sellers setting high selling price expectations.