Elections

The news is all elections. There are promises everywhere! With just 6-8 effective selling weeks between now and Christmas, we are seeing a significant increase in the range of homes coming onto the market. We note that the new C.V’s have come into play which for many vendors may not be helpful in understanding the current market value of their home.

The OCR drops by 100 basis points

At last, a break in the clouds. The Reserve Bank’s drop of 1% in the OCR has had an immediate impact on buyers with offers and sales being made. The market thrives on confidence – buyers are now able to look forward in the certainty of a low interest rate environment.

The recovery

Like a patient in recovery, the world financial markets are having good days and bad as they claw their way back from some of the heavy losses over the past few weeks.

In turn, the local housing markets are on an emotional/confidence roller coaster too. The result is sporadic sales and slightly confused buyers.

One thing’s for sure there are some fantastic opportunities available for those willing to take them.

A crisis of fear?

While the world’s financial problems appear to be systematic and spreading, the opportunity is how one responds.

Specifically, should I buy? To quote Roosevelt’s famous lines “The only thing we have to fear is fear itself”. Sure times are different, however, the key questions remain: Can I afford this home? And how long will I keep it?

The astute will note, a more cost affective market and likely falling interest rates. We continue to see the glass half full.

Moving forward

While the Warriors lost, the initial US bailout was quashed and many commentators were again preaching financial Armageddon. We at UP Real Estate, had a much brighter month in September than usual.

This could be due to the onset of Spring and the start of the 'traditional listing season' and/or, the desire of many of our clients to continue getting on with life.

Our observation's are, demand for property in Auckland's preferred area's is keeping values firm, or vendors who aren't seeing offers which they perceive to be reasonable are able and choosing to stay put, which is quite different from international markets, specifically the US situation.

Beyond these observations the future, as-always, is unknown. We continue to do business with great expectation.