- Greytown’s cheapest listed home is seeking offers above $539,000 as property values plunge.
- Greytown’s average property values have fallen over 20% since March 2022, losing $243,000.
- Agents blame Wellington’s downturn, while Greytown attracts buyers with affordability, heritage buildings and commuter access.
Property Brokers agent Dan Stephenson claims he has the cheapest house for sale in Greytown right now.
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The three-bedroom cottage at 7 Reading Street is looking for enquiries over $539,000 – a price Stephenson couldn't have imagined advertising during the recent property boom.
OneRoof figures show the average property values in the historic Wairarapa town have fallen by 10% in the last five years, and by over 20% (-$243,000) since hitting a peak of $1.159 million in March 2022.
Stephenson says the tumble is a direct result of what’s happening 80km south in the country's capital.
“The market is pretty dire at the moment because we are almost like another suburb of Wellington. So, if Wellington dies, we die, and if Wellington goes well, we go well. And that’s the same for most of the South Wairarapa.”
Wellington City’s average property value has fallen by more than 32% (-$431,000) to $907,000 since market peak, with the bottom not yet reached. In the last three months, house values in the city have fallen by almost 3%, and are now below pre-Covid levels.
7 Reading Street is was first listed for sale in 2024 and is looking for buyer enquiries of $539,000-plus. Photo / Supplied
2 Wood Street, in Greytown, has a price tag of $549,000-plus. Photo / Supplied
Stephenson said the drop in house values in Wellington had made Greytown more affordable and attractive for out-of-town buyers.
He and his wife had moved from Wellington to the town to give their children the rural upbringing they both enjoyed. They hadn’t looked back since.
“I like to refer to it as the Arrowtown of the north. It’s a beautiful town, lots of heritage buildings,” he said, noting that Greytown house prices were much more attractive and a third cheaper than Arrowtown’s average of $3.1m.
He says Greytown had a lot to offer young families, retirees and empty nesters from Wellington. “Being able to walk the kids to school and things. And for retirees, it’s a lovely safe environment, everything is walking distance, and there are a lot of things for the elderly to do over here with clubs and things.”
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It was also an hour from Wellington by train, making it a viable option for those who worked in the capital. “I’ve got lots of friends who commute to Wellington,” he says. “Some work three days in Wellington and work from home the other days.”
Greytown also offered buyers a lot more house for their buck than other parts of the country.
Entry-level houses are around $530,000, whereas that figure was at least $700,000 several years ago, Stephenson says.
His Reading Street listing was the cheapest house currently for sale in the town. He also has another affordable three-bedroom house at 2 Wood Street, which is looking for enquiries over $549,000.
Higher-end homes have also tumbled in price since market peak, from over $3m to $2m.
The iconic Red Turkey pub, built in 1867, is one of Greytown's most recoginsable buildings. Photo / Supplied
The historic building is an empty shell after a fire in the second storey. Photo / Supplied
Harcourts agent Mike Aickin is currently selling one of the town’s most recognisable and iconic heritage buildings at 53 Main Street.
The 1867 building, which is the town's middle pub originally known as the Forrester's Arms, was bought by a prominent Wairarapa developer in a receivership sale for $1m in 2020 after a fire halted development plans.
Aickin says the vendor's decision to sell was probably driven more by the economic climate. “It’s a great location, but a lot of developers are sort of being a bit careful where they spend their money or borrow their money.”
The property had resource consent to turn the main building into two premium retail/commercial spaces and for four high-end townhouses at the rear of the 809sqm site. The property has a price indication of $1m plus.
“I think people would love to see a hospitality venue, but most people are looking at it as retail space down the bottom and some additional accommodation at the back.”
Aickin says the main street’s beautiful heritage buildings were a huge drawcard for day trippers over summer, who typically go to Martinborough for the vineyards and to Greytown for a spot of shopping and lunch.
He moved to the town 10 years ago, initially for his children’s schooling and quickly found out how safe, friendly and beautiful it was.
“We’ve got no traffic lights. You don’t see any gang activity – so very little crime - and if you live here long enough you know everyone, so you tend to drive down the main street and you have to wave at every second car.”
The beautiful historic buildings on the main street also made it a bit more appealing than neighbouring towns, he says.
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