Mortgagee Sales have “doubled” in Nelson
The coming of the Worm Moon last night in the Northern Hemisphere may have the property hunters out in force this weekend scouting for a bargain. But they’ll have to look just that bit harder this month.
As anyone driving around town this week will attest, there’s a lot more SOLD signs out now. And there is no doubt, numbers visiting Open Homes have increased markedly.
Nelson’s mortgagee sales have doubled according to the latest information complied by Terralink and contained with-in the inaugural “Mortgagee Sales Report.” This one indicates it covers the period Nov-Dec 2008.
It was only a few days ago that Blue Hancock, of Quotable Value Valuations said in his companies 9th March press release headed Market activity up, values still declining, that
“Quality properties in good locations are attracting much more interest than properties in poorer condition or in less desirable locations.”
RBNZ this morning dropped the OCR to 3%, a new historical low for NZ. Uppermost in the fiscal types minds is that our currency still needs to look attractive for forex investors globally, and that it remains competitive in international capital markets.
In that vein, RBNZ is saying it believes that present interest rates are “very stimulatory” and signaled its intentions that “any future cuts will be much smaller than observed recently.”
At the press conference after the OCR announcement, Dr Bollard said that “current projections were consistent with the OCR troughing at 2.5 per cent” but mentioned that he wouldn’t rule out 2.0 per cent if conditions worsened.
Back to Blues statement above, there will come a time when I’m sure we will have the media talking about a “surge in buying”, or headlines like “the ripe time to buy is now.”
So in closing I’m compelled to ask this question of present potential buyers…..
“will you be the only one out looking to buy because all the papers have said now is the perfect time to buy?”
Depending upon how you answered that, (& keeping in mind interest rates + the chart in this article) consider for a moment what the effect might be if you weren’t the only one out there looking to buy when your dream property comes up at just the right price, …….just what do you think the effect will be on that properties price?
March 12 2009 | Nelson and The Market | No Comments »
.jpg)
