The New Zealand real estate market finally saw a lift in activity last month Harcourts’ latest figures show, with an increase in both written sales and listings recorded by New Zealand’s largest real estate group.
Harcourts New Zealand CEO Hayden Duncan says in November the highly anticipated Spring lift finally occurred.
Commenting in the group’s latest Harcourts MarketWatch newsletter Mr Duncan said Harcourts had recorded a good increase in written sales when compared with October, however he noted the volume was down on November 2009.
“In addition our figures show that in November a lot of people obviously decided that the time was right to sell, and as a result we saw a significant increase in new listings across the country when compared to the previous month,” he said.
Mr Duncan says with a considerable amount of property on hand due to the low volume of sales over the past few months coupled with recent weeks’ influx of listings buyers have significant choice.
“Given this astute purchasers will know now is a good time to act,” he says, “so it will be interesting to see what level of activity there is over the coming weeks.
“As I said last month, we definitely believe there is some pent-up demand and with mortgage interest rates low and looking set to stay that way, perhaps the holiday period will not be as quiet as it is traditionally?”
For more information see Harcourts MarketWatch newsletter (attached) for the key statistics from the group’s five New Zealand regions.