Cash rate drop brings new energy to the market.
As we enter the year’s final quarter, there’s plenty to discuss in the property market.
The recent cut in the Official Cash Rate to 4.75% has lowered mortgage rates. “Since the OCR cuts have flowed through to mortgage rates, our team has seen 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.”
Invercargill’s property market continues to demonstrate resilience and adaptability, offering exciting opportunities for buyers and sellers. The median sale price adjusted to $487,000 in September, up from $439,000 in August, reflecting broader national trends as part of a natural market cycle. Sales volumes increased, with 95 properties sold compared to 82 the previous month.
The market remains rich with potential, especially for homeowners considering selling. Inventory levels are at multi-year highs, providing buyers with more choice than ever. For sellers, this means more serious buyers are actively seeking properties and are ready to make offers.
Steady Market with Positive Signs Ahead:
The median days to sell currently sits at 40 days, slightly above the 10-year average of 32 days for September, indicating a stable and balanced market. With 23 weeks of stock available—6 weeks more than the same period last year—the balance between supply and demand remains healthy. Lower interest rates and increased buyer activity are bringing more people through open homes and auctions, presenting an excellent chance to maximise property value.
As we move further into the year, there’s much to be optimistic about. The combination of lower interest rates, a good range of available properties, and increased market activity signals strong opportunities for homeowners to achieve great results. At Professionals Invercargill, we are ready to guide homeowners through every step of the process. Whether you’re exploring your options or are ready to list, our team is here to help make the most of this exciting time in the market.
