The year started on a high with the housing market still fizzing from the lockdown of April 2020 and the market was busy.
People returning to New Zealand looking for their haven fueled by the reduction in LVR’s which saw an unexpected surge by investors taking advantage of the buying power this gave them.
2021 has seen a reversal in the type of buyers when the removal of the lower LVR’s but also the change to tax laws removing the tax deductibility of landlords. Whilst it is being phased out it has meant that the mum and dad landlords have not seen value in the market.
The year has ended still on a high despite a recent increase in the interest rates and with more predicted for the year ahead remembering that it is coming off an all-time low.
The median house price in the last 3 years for Franklin has risen 41.4% over that period from $730,000 to $1,032,500. Days on the market has fluctuated over the year depending on lockdown levels and ends the year on an average of 29. Stock levels have lifted in the last month of the year, but this is the first time in months.
Sales are still down year on year but what is selling is selling well.
Traditionally this period of the year whilst we are taking some much-needed rest from the limiting restrictions will be a time when people reflect on what they want from life.
Has that family home got too big because the family have moved. Do we need something bigger because the family is growing? Do we want to go rural and gain more space?
Whatever you do this festive period take time to enjoy you and yours. I will be spending quality with my niece and nephews and great friends.
If on reflection you want to make a change to your living situation then give me a call. I am happy to offer my assistance - I could be the key to your next adventure. Give Victoria a call.