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Property market report

It is a time for prudent financial decisions, long term planning and wrestling your bank manager or mortgage broker into submission.

The values in property pockets like the North West of Auckland is a mix of lifestyle living and higher value residential. This has enjoyed consistent growth in equity over the past 10 years and has allowed many locals to cash up and move to freehold semi-retirement living up north and in the Coromandel. Like the Share Market, property value only changes on the sale of the asset, however it is financed by the paper value by-in-large.  Like-wise through change and uncertainty we see sellers and buyers become very opinionated about value and this in turn reduces the number of sales achieved and in many instances holds prices high. Sometimes the option to rent the asset delivers excellent cash-flow and may be enough to span the financial tide. Free market rent data is available at any time by emailing graham.mcintyre@mikepero.com.

The property marketplace may change over the next six months, with an election due and when mortgage holidays, extended loans from banks, and cash injections from MSD and IRD creep to a stall. However at this time property prices are stable, property coming onto market is light and demand is reasonably good. Confidence is weak but building, and although opinion is strong, we don’t predict a significant change in pricing in this market although sales volumes will fluctuate.

Let’s look at the sales results:

Hobsonville Residential                           $1,305,000 to $1,750,000

Massey Residential                                 $597,000 to $1,050,000

Swanson Residential                               $354,783 to $1,450,000

West Harbour Residential                        $760,000 to $1,390,000

Westgate Residential                               $910,500

Call Graham McIntyre on 0800 900 700, text 027 632 0421 or look me up at www.grahammcintyre.co.nz - Mike Pero Real Estate Ltd Licensed REAA (2008).

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June 2020

the Westerly June 2020

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