Tuesday, March 5, 2024

How is our local real estate market?

Bayley’s Angela Rudling reflects on the market.

Interestingly the Real Estate Institute of New Zealand’s June 2023 report shows a renewed level of activity emerging New Zealand wide and this last month we are seeing a distinct rise in sales, which is encouraging to anyone considering coming to the market in this period.

Historical data tells us we typically expect a decrease in sales when moving from May to June across New Zealand, often weather and school holidays affect our local market, however against the trend locally we have seen sales in June exceed expectations when compared to media predictions.

Some recent sales have been new listings, but many have already been on the market for several months, which shows that patience often pays off, with a recent spurt of buyer activity clearing a good level of existing stock from our Eastern suburbs listing base.

“Salespeople across the country are reporting increased first home buyer activity at open homes, with the easing of LVR (Loan to Value Ratio) restrictions that came into effect on 1 June, this year bringing more people out looking,” states Jen Baird of the New Zealand Real Estate Institute.

A lack of listings, especially in some of our most desired school zones and the challenge of navigating the current economic climate are considerations which seem to be putting pressure on our market.

But the good news locally is that sales are still happening, people are making choices about where and how they live, and these choices necessitate a property transaction, especially as we move towards the summer months with the promise of better weather again.

For anyone considering a move, if you have questions or would appreciate an obligation free market appraisal, then phone Angela on 027 477 0176 for her expert advice, which after almost 25 years in the industry she is happy to share.

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