Wellington Real Estate Market update July 2022

Our real estate market across our offices is continuing to show solid returns.  The month of July commenced with 13 Sales (119 this year),  and with few properties being offered on the market multiple buyers are presenting. Property Management rent values have risen and the area remains solid with low vacancy rates.  Since January 2022 190 new renters moved into properties.

We are very pleased with the success of the team however has not been without ongoing challenges of limited staff across the last few months due health orders which shadowed over the departments.  The team work together through this changing space, and we remind you all that we are here to assist you.  It may not be your usual manager however another member can assist and please ensure you reach out to the office.

Its still an exciting space in Real Estate locally and the recent and projected rate rises have not shown any loss of confidence, there is still positive conversations with businesses and the community.

Statistics below are sourced from the REIV, Realestate.com and Corelogic

Median Values June 2022

Sale

Sale of house $465,000 (24% growth over 12 months)/ Sale of Unit $292,000 (19.8% growth over 12 months)

Rent House $420 per week/ Rent Unit $320 per week

Stratford

Sale of house $460,000 (29.6% growth over 12 months)

Rent House $460 per week (21.1% growth over 12 months)

Maffra

Sale of house $385,000 (20.3% growth over 12 months)

Rent House $367 per week (26.7% growth over 12 months)

June 2022 Rental Market Update

Vacancy Rates, 6-month Average Trend

Note: The REIV has adopted the 6-month average trend vacancy as it is less susceptible to monthly supply movements.

Vacancy Rate = the proportion of unlet properties to the total rent roll (%).