Property Report

Wellington's property market in 2025 remains resilient, with Wilton experiencing steady appreciation driven by its proximity to the CBD and natural reserves. The suburb's median sale price has hovered around $1.0M-$1.2M over the past 12 months, reflecting a stable growth rate amid national trends of moderating interest rates. This property's CV of $1.07M as of September 2024 aligns closely with its estimated value of $1.05M, indicating fair pricing relative to comparables like 26 Rochester Street at $1.1M. Suburb-level trends show low inventory and high demand from families, bolstered by Wilton's green spaces, positioning it well against broader Wellington City fluctuations. Constructed in 2000, this home benefits from post-1990s building standards, mitigating weathertightness risks. The 140m² floor area on a 579m² section suggests solid build quality suitable for family use without immediate renovations. Maintenance capex is projected low, focusing on routine upkeep for a property of this age. The 4 bedrooms, 2 bathrooms, and 3 parking spaces enhance its appeal, though a building inspection is recommended to verify structural integrity. Under the Wellington District Plan, this site falls within the Residential Single Unit Zone, limiting intensification to single dwellings and preserving neighbourhood character. Height limits and site coverage allow for modest extensions, potentially adding value if pursued. No upcoming projects noted, reducing planning risks, though bush proximity may impose vegetation protections influencing developments. This property suits families or professionals seeking a low-maintenance home, given its modern layout and parking. Investors may appreciate its rental potential, with comparables suggesting steady demand. The $975K last sale in 2019 underscores accessibility for mid-range budgets in a high-cost city, though the 4-bed configuration may not suit downsizers. Risks are minimal, with low natural hazard exposure in Wilton's terrain, though seismic considerations are standard. Legal compliance appears clean with no notices, but weathertightness and compliance checks via reports could mitigate latent defects. Medium market volatility is offset by strong suburb stability. Financing at 6.5% rates yields monthly repayments of ~$5,300 on an 80% LVR for $1.05M over 30 years. Holding costs total ~$8,000 annually, with positive cashflow for investors at full occupancy. Potential rate cuts could enhance affordability, but vacancy buffers are advised. Liquidity is strong, with quick sales in Wilton supported by recent comparables. A 3-5 year hold could capture capital growth, with resale to commuters favored by the location. Pricing realism from nearby sales minimizes overpaying risks. Base case: Steady hold with 4-6% growth in stable economy. Upside: Policy shifts boost value; Downside: Recession caps growth, mitigated by rental income.