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The Ups and Downs of the Market

Victoria Day – Ray White Pukekohe

Rising interest rates and tighter bank lending have combined to take the heat out of the market in the first two months of the year and the long-anticipated return to a more stable pricing environment is starting to occur. Due to low stock levels the rural and lifestyle markets in Auckland experienced a quieter trading month in comparison to 2021.
The February sales numbers and prices are now in line with those being achieved midway through last year but also are down on those for the previous three months. Is this an indication that the prices of last year have peaked and that the prices have eased as buyers take a more cautious approach.

We will truly be able to see if the shift in values has materialised once we see the March data as the seasonal affected data will have been taken out for the Christmas New Year Period.

There maybe a period of adjustments required, and this time will give Vendors time to reflect on the changing price environment, and whether they need to trim price expectations to achieve a sale.

The number of houses remaining for sale - is a reflection of the fact that properties are coming to the market and remaining unsold at month end and for the end of February that rose to 4385 – the highest this has been for nearly three years.

The median house price for Franklin for February is down 3.3% from the previous month and sits at $1,015,000 previously $1,050,000 with days on the market rising from 27 to 34 as people are taking longer to make buying decisions or having homes to sell and the bank processes as a result of the CCFA are limiting turnaround times or in some cases the ability for buyers to lend. So, you want to understand what all this means to you and your decision to buy or sell then give VICTORIA a call – she is KEY TO YOUR NEXT ADVENTURE.

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Auckland 2120

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elocal Digital Edition – April 2022 (#252)

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April 2022 (#252)

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