Tommy’s Says Shortage of Supply Makes A Great Time to Sell

Tommy’s says a shortage of supply makes it a great time to sell

Tommy’s Real Estate, Wellington’s leading real estate agency, says that a shortage of properties for sale has resulted in an increase in unconditional offers and intense competition for the reduced number of listings. Tommy’s City Office signed 40 sales during July.

Tommy’s managing director David Platt says, “July is traditionally one of the quieter winter months for sales and more so in the lead up to a general election, so a reduction in the number of sales was to be expected.

“Wellington is not alone in this regard and the current shortage of supply will keep prices higher for longer, making it increasingly difficult for buyers and particularly first home buyers. Conversely, for those contemplating selling, the current shortage of listings provides a great opportunity.”

Properties sold by Tommy’s during July ranged from $120,000 for a Taranaki Street apartment to $3,100,000 for a multi-flat property in Kelburn. Nine sales during the month were for over $1 million and of these three were for over $2 million.

“The spread of properties signed reflects Tommy’s longstanding all of market approach, we engage with property owners and buyers across the entire market and are as enthusiastic about transacting $250,000 sales as we are about $5 million properties.”

Apartment sales for the month totalled 12, compared with the 21 apartments sold in June and 22 in the month prior.

Looking ahead and based on market trends of previous years, Tommy’s anticipate an influx of new listings coming to the market in spring and post the election.

David Platt said, “We expect this will create a resurgence in activity and ensure the Wellington property market maintains its buoyancy in the foreseeable future.”

ENDS

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