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Property market report

It is full steam ahead in the residential/ lifestyle property market and auction rooms over the last month have been full of listings but not full of buyers.

The sales rate remains relatively low overall, and of 449 properties offered for sale over a week in February 2024, 167 properties sold under the hammer, representing a sales rate at 37%. This clearance figure (around 30%) seems reasonably consistent through the greater Auckland area.

With high levels of housing stock available, auction rooms are likely to remain busy throughout February and March, however with clearance rates for Rodney being as low as 25%, there is much work to do, to get Buyers and Sellers on the same page.

It appears the market remains relatively soft and buyers are being cautious over price, therefore, if you are selling and are happy to meet market expectations you will sell.

Interest rates are still the talking point when buying, however remember, this is only a point in time, and when interest rates go down, house prices will go up, so a great time to invest even if you have to pay more for money today.

In regards to Interest rates in the market this is how we are tracking:

ANZ                         floating 8.64%         3 year 7.35%       5 year 7.34%

ASB                          floating 8.64%         3 year 6.89%       5 year 6.55%      

BNZ                         floating 7.39%         3 year 6.79%       5 year 6.75%

Kiwibank                floating 8.50%         3 year 7.65%       5 year 7.49%

TSB Bank                floating 9.44%         3 year 7.55%       5 year 7.59%

Westpac                  floating 8.64%         3 year 7.25%       5 year 6.99%

With LVR restrictions rumoured to relax in June 2024 and the 10 year brightline test being repealed in Juy 2024, you would have to conclude that the best time to buy a house is over the next several months when supply is high, prices are soft and Vendor motivation is strong.  Lets look at the sales:

Hobsonville                             $620,000 to $1,776,888

Massey                                     $515,000 to $1,530,000

Swanson                                  $855,000 to $955,000

West Harbour                         $820,000 to $1,040,000

Whenuapai                              $790,000 to $1,250,000

If you are looking to achieve a great result for the sale of your property please contact me today for a free pre-sale property checklist and appraisal that will provide a starting point in your decision-making. 

After 18 years working with buyers and sellers, I have a depth of knowledge and experience to share with you. No cost, no obligation, just some honest feedback.  Call me, Graham McIntyre AREINZ directly at 0800 900 700, via text at 027 632 0421, or through email at Mike Pero Real Estate Kumeu/ Hobsonville. Licensed REAA2008.

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March 2024

the Westerly March 2024

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