As we reflect on December 2024, the New Zealand property market wrapped up the year with a quiet month, typical for the festive season. The Real Estate Institute of New Zealand (REINZ) statistics shed light on the market's movements, showing a mixture of stabilisation and regional variations.
National Trends
Across New Zealand, the total sales count saw a slight year-on-year increase of 1.8%, rising to 5,518 transactions compared to December 2023. This includes a 3.8% rise in sales outside of Auckland. However, December 2024 was notably subdued due to early holiday preparations by many.
The national median price slipped by 0.6% year-on-year to $775,000, with Auckland’s decline offset by growth in other regions. Excluding Auckland, the median price rose 1.4%, from $700,000 to $710,000, demonstrating resilience in certain areas.
Wellington Market Performance
In the Wellington region, the median house price dropped by 5.4% compared to December 2023, settling at $765,500. Days to sell extended to 42, significantly above the 10-year December average of 31 days, indicating slower movement in the market.
Local real estate professionals reported steady attendance at open homes through the Hutt Valley in early December, though activity tapered closer to Christmas. Auction participation was subdued, with buyers largely favouring properties with clear price expectations.
Lower Hutt Insights
Lower Hutt continues to attract first-home buyers and investors. In December 2024:
- Median sale price: $695,000
- Number of sales: 119
- Median days to sell: 45
The increase in inventory—partly driven by landlords choosing to sell—has provided buyers with more options. Vendors have adapted to market conditions, setting realistic prices to facilitate transactions.
While auction activity remained minimal, market sentiment suggests a stronger buyer presence in 2025, underpinned by stable interest rates and increasing affordability. First-home buyers are anticipated to dominate the scene in the coming months.
A Look Ahead
With listings projected to rise and mortgage rates holding steady, Lower Hutt's property market appears poised for a more active 2025. The focus will likely remain on affordable housing and meeting the needs of first-home buyers, continuing the momentum built at the close of 2024.
Emerging Residential Opportunities
Looking forward, the Lower Hutt residential market is expected to benefit from a mix of factors, including increased buyer activity, new developments, and potential government initiatives aimed at boosting housing affordability. Developers are responding to demand by planning projects that cater to growing families and first-home buyers, ensuring more diverse options across the price spectrum.
The market in 2025 holds promise for both buyers and sellers, particularly as market confidence builds and fresh opportunities emerge. Lower Hutt remains well-positioned as a key player in the Wellington region’s housing market.
