2021 is unlikely to put much of a brake on an explosive housing market according to The Fundmaster’s Dev Dhingra (pictured), who says that New Zealand can expect a further boost from overseas interest once the borders open - something which is predicted to happen later in the year.
Dhingra says that despite early predictions of a struggling market, it has since defied all expectations in terms of growth and “will not be stopping for anyone.”
“I am expecting more business, as the market has been really hot,” Dhingra told NZ Adviser.
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“When COVID-19 hit last year, people were predicting doom and gloom, but I did several webinars at the time where I told people ‘brace yourselves, because it’s going to be a very busy time because the market will go crazy.’ And it did.”
“I’m still holding on to that prediction,” he continued.
“If we don’t get hit by the new COVID-19 strain and don’t go through some of the bumps that other countries have, then the market will really heat up in New Zealand. The data that I’ve had from some of my local agents and property managers indicates that the market isn’t stopping for anyone - people are buying, and people want to buy.”
Dhingra says that there has also been a lot of interest from overseas buyers, particularly from the United States and the UK. He says that once the borders open, demand will only increase, and every area of New Zealand is likely to be very busy.
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“New Zealand residents overseas and those on work visas will definitely start coming back, but there are also a lot of people in the United States, the UK, and other parts of the world who want peace of mind for their families and themselves,” Dhingra said.
“I believe that every corner in New Zealand will be very busy.
“Just over the last few years, a small town called Palmerston North, which used to be called a ‘ghost town’, has ramped up massively, and a property which you could buy for $300k two years back is now being listed at $700k. A lot of people want to buy in the countryside away from the large cities, and that’s really ramped up competition.”