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A Fascinating Market

Victoria Day – Ray White Pukekohe

Sales Volume have fallen 25% from the long-term average across New Zealand and listings are holding at their 2 year high meaning the balance of power has well and truly swung towards buyers. The number of houses sold decreased significantly – down 12.5% from last month and 45% down from last year. Property sales were the lowest they have been in June of any year since 2010 when the market was recovering from a technical recession. Nationally house prices are down more than 5% since the end of 2021 and by double digits in some areas but there are still deals being done by all types of buyers who have the capacity to secure and service a mortgage.

We’re amid a fascinating market and we have seen some mortgage rates start to fall slightly. This is said to be due to offshore funding rates reducing meaning banks have access to borrow money at lower rates but there will also be an element of the fact that banks are trying to remain competitive and make sure they are getting their share of mortgages /borrowers who are looking to secure a mortgage.

Affordability is as always a huge factor in the balance of price pressure – Christchurch has seen a 3% increase in sales prices as it is seen to represent better value for money against salaries paid whereas values in areas of Wellington and Auckland are back to levels of a year ago. Are you looking to sell or want to know what you should be doing now to make sure that when you are ready to make the move up or down the chain then give Victoria a call She is The key to your next adventure.

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4 Hall Street
Auckland 2120

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elocal Digital Edition – August 2022 (#256)

elocal Digital Edition
August 2022 (#256)

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