Greetings again – There has certainly been alot of media attention towards the state of the New Zealand housing market with predictions of doom and gloom becoming the norm. In my opinion, alot of this has been taken in reflection upon the rampant market boom of the last 6 years, when in reality we are just returning to a normal balanced market. Statistics do tell facts and things have slowed down with houses taking longer to sell, but generally if a property is priced well and presented and marketed to the right people then a great result can still be achieved. It can actually be a great time to get to the next property rung on the ladder, because if you are buying and selling in the same market then to upsize is comparatively cheaper ie if prices drop 5%, a $300,000 house equates to a $15,000 fall where as a $400,000 house means a $20,000 drop. Fortunately for we Wellingtonians our market is fairly stable historically with enough government activity generated in our public sector to keep our local economy and the housing market moving ahead.
I am interested to see this shared equity scheme the Government is rollling out in July and what effects it will have for the market and response from first home buyers.
