Are buyers back?

The latest set of economic data has shown surprising strength is a double-edged sword – with New Zealand avoiding a technical recession. Still, that fact requires a prolonged and higher rate tightening cycle from the Reserve Bank (RBNZ).

Signs of warmth were visible in housing market data from August, with monthly sale volumes increasing ever-so-slightly to reflect an early increase in activity. This has been led by the first home buyer market, with participants understanding that even though fixed mortgage rates have risen some three per cent in the past year, they are still amongst the lowest levels over the last 30 years.

The factors driving housing demand have shifted with an effect on value growth over the last 12 months; mortgage lending rates are rising, building activity has increased, and population growth has been muted.

We are seeing a slow but steady increase in buyer metrics with an extraordinary number of multi-offers. However, overall Auckland stock pool is starting to dry up with a delay in the normal influx of new listings.

With only two months left in the year to close on a campaign, I highly recommend getting on the market now. Get in touch with me for a confidential appraisal or to further discuss the market or potential marketing strategies for your property today.