Thinking of buying property in Wellington? What to consider

Wellington is a great place to live, with numerous job opportunities, an active and family-friendly lifestyle, and easy access to other parts of the country. The problem has been, though, that first-time buyers have generally found it very difficult to enter Wellington’s property market. Thankfully, the tide is finally turning.

For the first time in almost a decade, property prices in Wellington have decreased. There’s also far more property going on sale, which means that buyers have more options and associated negotiating power. While property in Wellington is still pricey when compared to other parts of the country, with the help of a good agent, more buyers are finding affordable options, and buying property in the capital looks like it will become an even more attainable prospect in the future.

Although prices are cooling, buyers still need to be aware of what can ensure a good deal. For one, buyers need to be very clear about their wants versus their genuine property needs. Being inflexible on negotiables could severely limit options and buyers could miss out on a good investment. For another, buyers need to stick to a strict budget that includes the loan pre-approval amount and takes into consideration other expenses like car repayments. In so doing, buyers can be certain that they’re purchasing a property that falls within their means, even if interest rates rise.

Another key consideration is where exactly in Wellington a buyer wishes to invest. Different areas have different rates of return, offer different lifestyle options, and can have varied impacts on things like commuting time. Since it’s currently a buyers’ market, buyers should take advantage of the time and options available and do their homework before settling on a property. In this way, buyers will be far more likely to make a good investment.

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