Claims Wellington's residential property market is improving

It comes after recent Ratable Valuation drops and years of unstable prices in the capital's market.

But agents now say interest at open homes has started to recover, with lower interest rates, more first-home buyers, and more properties being listed.

Low and Co's Anji Foster says we've entered a more balanced market than observed last year.

She says many have been holding off selling for a couple of years, and there's now a pent-up supply coming on the market.