Ask any Auckland real estate agent if they’ve got an abundance of stock on their books that they can’t move, and they will fall over laughing, says Century 21 New Zealand Owner Derryn Mayne
This follows a leading real estate website claiming there is more housing stock available for sale in Auckland than people looking to buy.
Like the rest of the country, most agents in Auckland are crying out for more listings, knowing they have plenty of buyers waiting to pounce.
The suggestion that Auckland is one of four regions that has now become a buyers’ market is not only hard to believe, but it gives a wrong impression of the current market.
When you start headlining that Auckland is now a buyers’ market, people presume you’re talking about prices being down. However, that certainly isn’t our overall experience. In fact, REINZ’s latest Monthly Property Report confirmed Auckland’s median house price was up by 7.1% on a year earlier.
Despite disagreeing with the buyers’ market claim, there are nonetheless some great opportunities this winter for Auckland buyers.
There’s no doubt that things in Auckland have levelled out. The market is now a more realistic one, but we’re also seeing a boost of activity from first-home buyers and ‘Mum and Dad’ investors. For those two groups it’s proving to be an opportune time.
Factors attracting first-home buyers and investors into the market include record-low interest rates, the Reserve Bank temporarily removing LVRs meaning lower deposits required, rents remaining relatively high, and poor bank deposit rates driving investors to look for better returns.
If you’re thinking about listing your house, don’t be afraid you’ll get lost in some sea of listings and won’t get the price you want. We’re still seeing plenty of properties making great money and selling quickly. In fact, this winter could prove to be a much better sellers’ market than the months ahead.
Owner of Century 21 New Zealand