As the weather heats up, the New Zealand property market is cooling down, as demand slows down in the lead up to the holiday season. While everyone else makes their summer holiday plans, this could be the perfect time for you to make a move.
Gain an insight into the current trends on the NZ property market and become more confident in your own house sale (or the hunt for your next dream home) by downloading our eBook “How to get ready to sell your house”.
Maybe you’re keen to expand your family, but there’s no spare room for grandma. Perhaps you’ve been trying to renovate, but are fed up with the cost and consent process. A bigger house can mean a bigger mortgage, but if you’re getting ready to rent or sell your home, here’s a few things you need to know about the New Zealand property market.
Real time market statistics to date 30 November show a decline in demand, especially in Auckland and the main centres. This demand is measured by the average number of views per listing for the past three months, compared to the same time period last year.
The average asking price in Auckland hit another record high, despite the lowered demand. So what does this mean for you?
A slowing rate of growth and a decrease in demand means properties in Auckland are sitting on the market for longer, which means more options for buyers.
The average asking price in Auckland is growing at a modest pace and the properties are taking longer to sell, compared to other areas of New Zealand (see graphic).
If this trend continues, there will be more choices available for Auckland property buyers in the foreseeable future.
If you’re thinking of joining the thousands of Kiwis who have a bach or holiday home, your best bet is to look to the regions.
There has been a recent drop in listings in the Coromandel, but listings in regions renowed for their lifestyle options (such as Wairarapa, Marlborough, Gisborne and the West Coast) continue to attract strong interest from buyers.
This is good news for those who are selling in these regions: Coromandel, Marlborough and Nelson all recorded sizeable spikes in the average asking price in November compared to the previous month.
Demand is also hot in the Manawatu/Wanganui region, which recorded New Zealand’s highest percentage increase of new property listings compared to the same month last year.
Properties are turning over more quickly in this region compared to Auckland, but prices remain affordable, despite a 17.1% jump in new listings.
While everyone is at the beach working on their tan, it might not be so silly for you to look at selling your house this holiday season.
First time home seller? Get ready to sell your house by downloading “How to get ready to sell your house”. It’s full of handy tips which will help you and your family to make the right move at the right time.