Over the recent last week or two I’ve dealt with buyers from Auckland, Hamilton, Tauranga, Palmerston North, Upper Hutt, Blenheim, Christchurch, Rangiora, Christchurch, Temuka, Cromwell, Invercargill and mid Otago. Talking with my colleagues in our office they have seen buyers from Sydney, and Brisbane too.
Every year over the Xmas break/holidays we see an uptick in visitor interest in our region, mainly from visitors who like the area so much they make some property inquiries whilst here on holiday.
Interestingly over the last few weeks there would appear anecdotal to indicate out of town buyers are seeing value here and are making the trip themselves. Many that I spoke to were in the “may buy now and come to live later” mode, and that’s a direct reflection of the current interest rates, combined with rental returns in the Nelson region.
We are currently on a 4 year high for rental rates in most parts of our town.
With interest rates plus the NZ dollar coming down, even though we might not notice it locally, the value proposition of our region goes up for an overseas buyer.
As previously mentioned NZ has the 2nd highest percentage of its population offshore at any one time, just behind Ireland, so the fascinating thing to keep an eye on here is the effect that any such upsurge might create in those coastal spots overseas buyers like.
After all one of the initial “kickers” last time to our busy market was just that, a surge in buyers not just to NZ, but more importantly those who wanted their own seachange, to live by or on the coast.
Property market buying & selling trends are a fickle item to predict, but it’s intriguing to read reports & comments in Australia about an upsurge in ex-pat overseas interest again.
It would appear on the surface though that the stimulus package put together by the Rudd Government is possibly a bit more enticing that what’s on offer back home in NZ.
Ex-pats in the banking & finance industries would certainly have their finger on the pulse as it were, in regards to financial timing when relating to buying / selling property.
Just an interesting observation….