Last Friday, the Real Estate Institute of NZ (REINZ) released its Monthly Property Report which showed some big increases in median prices in some areas around New Zealand. Auckland was not one of them!
“Agreements tend to be conditional, subject to the sale of another property. Banks are competing on interest rates but are still tough on lending conditions – particularly around transitions from one home to the next.
First home buyer demand remains consistent, but there has been a 30% increase in the Franklin region in the last twelve months, indicating that first home buyers are looking further afield from Auckland City.
There has been an estimated 30% decline in investors with new regulation and compliance being a contributing factor, especially for the ‘Mum and Dad’ investors.
Auckland’s decline in the number of properties sold is a trend we’ve been seeing for a few months now, with likely causes including the fall in new listings, the foreign buyer ban, and investors failing to add to their property portfolios with the ongoing changes in legislation.”
“Anecdotally, with more stock sitting around for longer, people will be looking to whether they need to be more negotiable on price, particularly if they are selling and buying in the same market” concludes Norwell.