As we enter the final quarter of the year, there’s plenty to discuss in the property market. The recent cut in the Official Cash Rate to 4.75% has lowered mortgage rates, and the latest Real Estate Institute of New Zealand (REINZ) report shows a market that’s flat overall but with signs of optimism.
Shaun Taylor, CEO of Professionals, notes, “Since the OCR cuts have flowed through to mortgage rates, our sales teams across Aotearoa have seen significant increases in open home visits and strong interest in homes of all values. Savvy buyers know this is the best time to buy as we enter the next growth cycle.”
Nationally, prices are down 1.1% year-on-year, with the median at $780,000. Excluding Auckland, the median is $695,000, just 0.7% lower than last year. However, prices have edged up compared to August—2.1% nationally and 2.2% outside Auckland, with eight regions experiencing growth.
Hawke’s Bay and Gisborne stand out, with property sales up 26.3% and 22.6%, respectively. Inventory is up 27.4% year-on-year, giving buyers over 30,000 properties to choose from across the country.
Shaun comments, “Homes newer to the market are attracting strong interest. If you’re considering selling, now’s the time to act. Ensure your property stands out in a market with plenty of choice and choose one of our Salespeople, who will guide you through the process and provide world-class marketing.”
If you’re ready to capitalise on the current conditions, reach out to one of our local teams for a free market appraisal. Read our top 5 tips below to prepare your home for sale. We are here to guide you every step of the way.
1. Maximise Street Appeal: First impressions count. Tidy the garden, water blast concrete outside, and consider a fresh coat of paint to create a welcoming vibe.
For more detailed tips, check out our full blog post Sell Your Home Like the Pros: 5 Insider Tips from a Professional Estate Agent.