Less Homes Selling at Auction as LVR Bites
Posted on December 9, 2013 by Colin Wong Areinz (Waitakere Real Estate Mreinz REAA 2008)
New LVR rule cools the market with just a third of 150 home sold over a 3 day period via Auction, when 80% were selling just 2 months ago. The new LVR rules mean less first home buyers and vendors high expectations has meant more homes on the market. Only 36% sold with the other 94% failing to reach reserve or not receiving a bid at all. Now with a lot of buyers out of the market, Auctions may not be the way to go with selling a home presently, so marketing with price has come back into favour. Buyers are hesitating because of the uncertainty of obtaining finance. There is also uncertainty how this will effect house prices in the short term.
Filed under: REAL ESTATE | Tagged: Real Estate