Winter Chill Impacts Real Estate Volumes, But Not House Prices
The latest stats from the Real Estate Institute of New Zealand has shown that the winter chill has impacted real estate sales volumes across the country in June but has done little to halt price rises in most regions.
In June the median price across the country rose by 5.7% to a record equal median of $560,000 up from $530,000 the same time last year. Additionally, the New Zealand excluding Auckland median price remained at a record equalling figure of $460,000 in June up 7.0% on June 2017. However, Auckland’s median price decreased by 0.7% year-on-year to $850,000 down from $856,000 last year. Closer to home in Rodney, the media price for properties in June remained the same at $900,000 compared to May 2018 and up from $895,000 in June 2017. 152 properties were sold in June 2018, down from the 184 in May, but up from the 137 in June 2017. So lets summarise. Are properties taking a bit longer to sell? Yes. Are prices likely to go down? No, probably not. My advice to vendors is to choose/research for the best successful agent that knows the area. Get their appraisal and listen to them. The fear of missing out has come to an end so you need to be patient for the right buyer to come along. In this market buyers make it their business to be informed, and if you ask for significantly more than your experienced agent’s current appraisal, you could be waiting for a very long time. My advice to buyers. If you see a property that ticks most of your boxes, make an offer. Prices are not going to go down, and high quality coastal property will always remain a good investment in the short and long term. Though the number of properties on sale in Omaha has been a bit light over the last few months (currently there are only 16 properties for sale) the tide is starting to turn. I have SIX properties coming onto the market shortly ranging from the early $1m through to $4.0m. So if you’re wanting to get a sneak peak at these before they go on the market, please do get in touch.