I note Olly Newland now stating that he expects house prices in good suburbs to double over the next 10 years. Will he be right? It’s up to you to take the gamble – either sit on the sideline or get into the market before it gets further away on you!
With regard to the current market I have to agree fully with this paragraph in the latest realestate.co.nz market report : “The market has swung again and the ever present property shortage just got worse. Worse by not just a small measure! – the current level of inventory is down to the lowest witnessed in 4 years. Across the country there are no regions for which the state of the market could be assessed as even a slight buyers’ market.”
To us in our Pt Chevalier and Grey Lynn offices the market feels far stronger than it did in the 2004 to 2007 period, with extreme pressure from buyers to find properties, interest rates at levels that have never been this low in the last 50 years, rents rising by 10% and very little new housing being built anywhere in central Auckland to keep up with the surge of buyers entering the market.
We have just had a record May/June in our Pt Chevalier/Grey Lynn offices and have seen many homes sell for several hundred thousand above what was paid for them in 2008/2009/2010 when the market was at rock bottom. The shortage of stock in the Pt Chevalier and Westmere areas is severe while on the buyer side we have more cashed up buyers registered than at any other time in the last 15 years.
In Westmere right now in the avenues from Warwick Ave to William Denny Ave there is only one character wooden bungalow available and we have it here!
Buyers do not hibernate over winter so if you want to sell in the Westmere, Grey Lynn or Pt Chevalier area for a premium price, now is the time to do it! Buyers are very flexible and will meet your request for a delayed settlement date while you look for a replacement home and even pay 20% deposit
July 01 2012 11:34 am | Uncategorized