City Sales Assess the Current Real Estate Market

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Couple Consulting Real Estate Agents in Auckland

City Sales’ Scott Dunn says the market is constantly moving, and the Real Estate Institute of NZ reported that New Zealand had its best June 2020 in four years.  

The best time to sell a house or apartment is when buyer activity is buoyant and when there is a shortage of properties for sale. Often referred to as a seller’s market, it’s considered a good time to sell because more buyers are competing for fewer properties, which leverages sale prices upwards. This is the prime position to be in as a home seller. 

Despite post-Covid-19 predictions, people are continuing to buy houses or apartments for the usual reasons such as getting onto the property ladder, downsizing, up-sizing, upgrading, changing jobs to new locations, births, deaths, building new, cashing up investment properties, wanting a warmer home or being closer to family, especially since Covid-19. 

These can all influence the buyer market and therefore, opportunities for you It has been reported since Covid-19, that there has been a big spike in ex-pats enquiring about returning home to New Zealand, and they are active buyers in the current New Zealand real estate market. 

As Scott says, “Economists predict things to get worse in 12-18 months; we are unsure if this will happen but advise people if they’re thinking of selling over this time to do it sooner rather than later, just to minimise risk”.  

Scott also advises that this year we also need to factor in the election. The usual pattern is for house and apartment sales to taper off in the three weeks before an election, with a flurry of sales afterwards. The election can also impact on bank lending practices, and added to that the Covid-19 wage subsidy will end, along with predicted redundancies, potentially leading to more houses being put on the market at a time when there might be more competition for buyers. 

Combined with current favourable bank lending conditions for first home buyers and low interest rates for home buyers, that also makes right now a good time to sell a house/apartment, so for more information on property management Auckland, real estate agents Auckland and selling a property please go to http://www.citysales.co.nz . 

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