Despite the winter slowdown usually seen this time of year, New Zealand’s property market showed surprising energy in July. Sales volumes climbed, prices in many regions ticked up, and buyers stayed active - even as listings tightened. With spring on the horizon, momentum appears to be building in key areas of the country, and nowhere is this more noticeable than in places like Lower Hutt, where buyers and sellers are cautiously stepping back into the market.
Spotlight on Lower Hutt: Holding Ground, Waiting for Spring
In Lower Hutt, market conditions in July reflected a steady rebound in buyer activity. Median prices have been stabilising across much of the city, with signs of modest upward pressure in some suburbs, particularly those offering good schooling zones and public transport access. Demand is being driven primarily by first-home buyers and upgraders, with well-presented, realistically priced homes continuing to attract competitive interest.
Our salespeople report stronger attendance at open homes compared to earlier in the year, and while the pace of sales remains measured, motivated buyers are back in the market - albeit with more negotiation power. This aligns with REINZ’s national data, which shows a one-day improvement in median days to sell (now at 48 days), suggesting increased buyer engagement.
Listing volumes in Lower Hutt remained tight during July, mirroring the nationwide 4.2% year-on-year decline in new listings. However, sales activity has held firm, indicating that demand is outpacing supply in certain areas — especially in family-friendly neighbourhoods like Waterloo, Maungaraki and Woburn.
With interest rates decreasing and spring approaching, confidence in the Lower Hutt market is gradually rebuilding, setting the stage for more robust activity in the coming months.
Buyer Relief
The Reserve Bank has lowered the Official Cash Rate to 3.0%, the lowest in three years, with further cuts likely. For buyers, this means borrowing is becoming cheaper, with banks starting to ease mortgage rates particularly on floating loans. It may also be a good time for fixed-rate borrowers to look at refinancing, as lower repayments can make stepping into the market more affordable.
National and Wellington Market Snapshot
In the Wellington region, results were mixed. Some areas are seeing modest price growth. Buyer activity improved slightly with the median time to sell holding at 48 days. Across the region, demand is present but cautious, and competition is building ahead of the spring season.
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