Derryn Mayne, owner of Century 21 New Zealand, is urging vendors to start listing following NIWA’s latest seasonal climate outlook.
NIWA predicted that summer-like temperatures would linger across the country and most likely stay above average for the next three months.
“Those considering listing their properties need to know it’s not too late, with extended summer weather now predicted. Going on the market in March makes much sense, particularly when you consider the lack of houses for sale,” Mayne commented.
“This summer, we’ve seen a return of confidence in the housing market, strong economic indicators, and low-interest rates. However, in the past couple of weeks, I suspect some potential vendors are considering the impacts of the drought and the global coronavirus and wonder whether they’d be better to wait and list next summer. My advice is to go now! Demand is strong, there’s little competition on the market, and some great prices are being reached.”
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The Real Estate Institute of New Zealand (REINZ) confirmed that this had been the busiest start of the year for the property market in four years – with Auckland taking the spotlight.
The number of residential properties in Auckland sold in January jumped nearly 10% compared to the previous year. Median sales prices in most regions also shot up, reflecting the shortage of housing stock and increasing demand from buyers.
“This March will be the new February,” Mayne said. “More buyers will come out of the woodwork too, keen to lock in the low-interest record rates and frankly, driving around looking at open homes will appeal to a lot more families when it’s not so blistering hot!”
“I think it’s safe to say we’ll see stronger sales volumes and prices compared to last March. Kiwis considering selling need to stop pondering and push play. They will quickly find themselves part of some real action we haven’t seen for a few years.”