Contrary to what many commentators have been saying City Sales have seen great activity in the apartment market recently and are looking forward to a healthy summer. However, they are strongly recommending to those who have apartments suitable for owner occupiers to go to market now. The owner/occupier market is very strong, and getting stronger, thanks to low interest rates and pent up demand following lockdown.
We are drawing into Spring which City Sales say is traditionally the most active time in real estate. That means the market is again seeing “mum and dad” investors in action, while returning expats and Kiwis living overseas are now also actively investing in New Zealand property. Demand is hitting up against the low supply of listings on the market and lockdown 2.0 delayed Spring’s normal seasonal rise in new listings, so it is likely buyers will continue to face restricted choice.
It’s a great time to be selling your property, and demand is extremely high right across the country. Supply isn’t keeping up which means potential buyers must put their best foot forward. Trade Me Property’s data provides further evidence of the ongoing strength of the housing market, and comes hot on the heels of recent data from REINZ, which showed median house prices were up by 16.4% year-on-year in August. It also revealed that August sales were up by 24.8% year-on-year.
Earlier in the month, data from Realestate.co.nz and CoreLogic also reported widespread price growth (as opposed to price decline) and high demand, but the boost being provided from low mortgages rates just seems to be trumping everything else at present.
Finally, The Reserve Bank’s programme to lend directly to retail banks could be ready soon. If it is, that’s likely to mean lower interest rates on loans – and more support for the housing market, so for more information on rental property management, property managers Auckland and Auckland property management please go to http://www.citysales.co.nz .
