Harcourts’ Ilse Evans would like to wish everyone a very happy holiday season, and a fruitful and hopeful New Year. “Well, we have made it to the new traffic light system, and it feels so nice to have some normality again and to have the option to go out. Let’s support our local businesses and visit restaurants and other establishments to help them get back on their feet. The new system couldn’t have come at a better time, now the weather has started improving”.
“The good news is, open homes can begin again, following strict safety and hygiene protocol. The vendor has the right to accept non vaccinated buyers through their home or not, so check with the agent what the vendor has agreed to and follow the instructions.”
Ilse cites some interesting perspectives on why the ‘boom’ may be over, and ‘why it’s not a crash’ from Tony Alexander. There is no doubt that borrowing costs are increasing, but in fact, they are roughly back to where they were in 2019.
Similarly, the fact that prices are well above trend, does not tell us where prices are headed, let alone at what pace. All it does is tell us that things are a long distance from where they would have been without the global pandemic. By implication, when the pandemic fades, some of the artificial boost will unwind. As Tony says, “Good luck picking a timeframe”.
As Ilse observes, we are looking at a possible turning point in the housing market, as new listings and housing stock rise. Although New Zealand hit another 14-year record-high national average asking price (now $969,604) in November, realestate.co.nz saw encouraging signs that buyers will have more choice this spring and summer.
“The New Zealand property market is taking a heartening turn. The last time we saw our new listings this high was seven years ago in October 2014,” said Sarah Wood, CEO of realestate.co.nz. “Total housing stock nationally has also gone up by 5.1% year on year to 19,260.”
Finally, from Survey NZ, make what you will of their statement that the “mortgage market is tightening up rapidly as first home buyers vanish”.
Stay in the game, and take your advice from the No.1 agent in Takapuna/Hauraki, and with this in mind, please take a moment to find out more about selling my house Belmont and property appraisals Belmont by visiting the website at http://www.ilseevans.co.nz .