“The Wellington region saw a new record median price of $785,000 in October 2020, up 20.8% from the same time last year. This was bolstered by an uplift in the number of $1 million plus properties sold across the region. Sales volumes are flat from the same time last year with 750 properties sold during the month. The Wellington region saw a decrease of -9.6% in new listings in October with 684 properties coming to the market. This has left the region with one of the lowest levels of inventory across the country at just 6 weeks. Properties are selling quickly with days to sell down 3 days from the same time last year to 26 days – the lowest for an October month since 2006. The ‘fear of missing out’ is influencing these quick sales and we expect this pressure will continue in a similar manner over the coming months as demand continues to outstrip supply.”
Below is the Wellington region report and graphs.
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