Wasn’t hard to see this past Sunday, was it. If it wasn’t the Sunday Times headline, then it was someone reporting on it.
Have you noticed that the time the high tide arrives in your area can be hours different from somewhere only a short while away? How things don’t all happen in the one place at the same time?
Well, guess what, Real Estate is no different. Just like the ebb and flow of the tide, because everyone in NZ is being told now is a good time to buy….be aware that automatically doesn’t apply equally to every region in the whole country.
Just like early 2000’s when a influx of immigrants combined with a return to bricks & mortar (Vs shares) also happened to coincide with a “seachange” movement in Kiwiland.
I don’t think the next upturn in this seemingly never ending cycle will be any different. Those places most popular will notice the increased interest first, and it will flow on from there. As an example look at the DAYS TO SELL chart above. (full sized one here)
Quite obviously you’ll notice how Nelson roared ahead late 2001 into late 2003. Keep an eye on the NZ median on the chart too. Then our region went off the boil while, ostensibly some other regions of NZ caught up. (aka “rode the ripple”)
Anecdotally then, those other Southern regions of the South Island who had harboured a desire to live / retire to the place they had visited for summer holidays for the last 15 years, found Nelson was now with-in their price reach.
In other words, if you sold your 3 bedroom home on a 800m2 section in a southern provincial town, and wanted to move to Nelson, you were no longer looking at only being able to just afford a 2 bedroom flat. Courtesy of the increased prices being paid for southern homes though 2005-2007 a home owner could now afford to look north.
All I’m saying is don’t think that because the headline on the TV or frontpage of the newspaper is telling you NOW its ok to buy, that applies to everywhere in NZ. By the time you see that headline for some areas of the country its probably too late to get a bargain.