18 SEPTEMBER – MARKET COMMENTARY, REAL ESTATE, MARKET UPDATE

Rainbows and Pots of Gold

There is probably not a lot to decipher regarding the current property climate. Despite many market commentator predictions, the market has rebounded aggressively under the influence of pent up demand, record low-interest rates and low stock levels. All seems to be rainbows and pots of gold at the end of the rainbow.

Stock levels in time may fill some of this void, like post-election and seasonal spikes, but much catch up buying by ex-pat New Zealanders who have been arriving since March looking to stay longer than the temporary options will put additional pressure on both rental and owner-occupied housing stock.

Many are suggesting there is much economic pain to come and even so, we feel the property market place, especially in our neck of the woods, should stay stable or positive for some time with us being firmly now in the next 7 to 10-year cyclical trend.

Average days on market are down, auction clearance rates are up (with Harcourts 91% at present), stock levels low, median sale price year on year a good 10%, which is just falling short of our all-time high in February but I am sure this will be breached soon.

If you are not thinking of getting into property now or making that next move, you may want to rethink the opportunities currently present.

If you want to shoot the s&%t about the market or would like to discuss your situation more please feel free to reach out.

MARKET SNAPSHOT