colinrealestate

It is the sellers who hold the power as the market returns. For the first time in more than four years, the June BNZ-REINZ Residential Market Survey provides solid evidence that conditions are shifting more towards being a sellers’ market. A recorded net of 15% of those responding claim that buyers are now more motivated than sellers. Interestingly, 27% of respondents are observing more investors in the market. The results support an upturn in the residential property market in New Zealand.

The current sellers’ market is driven by the shortage of listings, with numbers of homes for sale having dropped to its lowest point since 2008. The inventory for homes having dropped to below 30 weeks is also at a four-year low.

The number of weeks to sell a home in Auckland is 18 weeks, Canterbury 16 weeks, Otago 24 weeks; however, the central North Island is still 84 weeks. This has heated up due to low interest rates, new home buyers entering the market and the lack of new construction.

Filed under: REAL ESTATE | Tagged: Real Estate