The Wellington real estate scene has officially turned to a buyers’ market, with Auckland and other big centres expected to follow.

As the national property market continues to cool, Christchurch sales are holding strong and prices continue to slowly rise, but a few indicators show that it may flip over to a buyers’ market later this year.

Data from realestate.co.nz show that after several years of fast sales, properties in Wellington are now taking longer to sell than the average sale time over the last 15 years. This is a sign that the capital has turned to a buyers’ market. Auckland property sales are also slowing down and getting close to that 15-year average, which may indicate a trend for the rest of the country.

It’s still a good time for sellers in Canterbury, with the data showing that if no new properties came on the market from today, it would take just 11 weeks to sell all of the current home listings. Canterbury’s average asking price also increased in March compared to February up 2.2% to $740,358. Another good sign for anyone looking to list their home. The nationwide average asking price was also up compared to the previous year, but $25,000 lower than it was at the peak this January.

However, the number of houses for sale also increased in March, and if the new listings keep flowing in as we switch to a buyers’ market, unprepared vendors may end up waiting a long time for a sale and having to settle for a lower price. The number of houses for sale across the country was a third higher in March 2022 than it was a year earlier, and Canterbury had 7.4% more homes for sale than in March 2021. New listings in Canterbury were down a little bit compared to the previous March, but at 1440 new listings in March 2022, there were still plenty of homes going on the market. Across the country, there were more than 25,000 homes for sale in March, a level not seen since before Covid in 2019.

Anyone looking to sell their property in the coming months would do well to make sure they have a real estate agent on their side who knows the game, has good negotiation skills, and can navigate the 2022 real estate market to find the right buyers and get the best prices.

Tips for getting the best sales in 2022

1. Find a real estate agent with fantastic negotiation skills, who wants to work with you and understands what your property has to offer

2. Invest in marketing to make your property stand out from the crowd now that there are more homes on the market

3. Have a realistic price in mind – talk to an agent who can give you informed pricing in the current market

4. Sell at auction to get the best price on the table