BUSINESS

December Market Carries on into the New Year says Ilse Evans

Tuesday 25 February 2020, 2:18PM
By Beckie Wright
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Ilse Evans of Harcourts Takapuna says the December market is carrying on into the New Year, and it is a seller’s market. Harcourts are buyer heavy and listing poor, with the lowest number of listings in three years, so anyone going to the market now will be guaranteed buyers all over it. This has effectively reduced the numbers of days it takes to sell. Interest rates are not going to go any lower so buyers are trying to find the property of their dreams with little success.

The Auckland market was at its most bouyant in four years in December, with REINZ figures showing Auckland house sales are at a four year high in 2020. Contrarily, house listings took a dive at the end of 2019 and asking prices surged. In Auckland the average is now $940,000, and although it is a sellers’ market, sellers aren’t listing.

Stats NZ reports that a 2.7% lift in monthly building consents for November saw the annual level of consents around the country hit over 37,000 for the first time since the 1970s. Interest rates are low and are expected to stay at record-low levels, while rents continue to rise. What’s more, with Government-backed schemes for first-home buyers now requiring only 5% deposits, we may see more first-home buyers taking the plunge. Conditions are also ripe for next-home buyers to extend their mortgage for a bigger or better property.

"The housing market has indeed turned," Westpac chief economist Dominick Stephens said. “Annual house price inflation has already reached 5.6%, and it now looks as though it will reach 7% by April 2020 at the latest – there is a chance that it could touch 7% even earlier than that.

“However, the number of properties available for sale was down nearly 25 percent in December on the year before to 18,230, the lowest level since records began. With insufficient properties on the market to satisfy buyer demand ... buyers are being more definitive when it comes to purchasing as they are aware of the need to move quickly on properties and areas with high demand."

Ilse says, “Call your preferred agent now to sell your home,” and for more information on Takapuna real estate, real estate agents Hauraki and Harcourts agent Takapuna please go to http://ilseevans.co.nz .