We note the quarterly Massey University Home Affordability report shows a 17.7% improvement over the year to May 2009.
This report takes into account house prices and average weekly wages. Put this alongside the latest data released by Statistics New Zealand showing long term migration continuing to grow and we find it hard to agree with any prognosis of a further significant demise in the residential market around the areas we serve.
Thursday, June 25, 2009
Monday, June 22, 2009
The Real Story
What’s the market like?
This is the question of the moment. We, like you, read all the statistics and hear the commentaries and read the papers. Most of it is still quite negative.
In reality, for the areas we serve, we are experiencing high demand, particularly in the $500,000 to $1,500,000 range. Buyers are responding quickly, in many cases there is intense competition.
Is this a good time to sell?
Yes – it is all about supply and demand, not the seasonal time of the year. You’re better off to have buyers out rather than flowers out.
Is the market likely to fall further?
We would be surprised to see much more downside. Again because of supply and demand, a relatively low interest rate environment (even in the medium term) and positive net migration.
In short, property is affordable and Auckland is a great place to live. A fact that is becoming increasingly agreed upon by the world at large.
This is the question of the moment. We, like you, read all the statistics and hear the commentaries and read the papers. Most of it is still quite negative.
In reality, for the areas we serve, we are experiencing high demand, particularly in the $500,000 to $1,500,000 range. Buyers are responding quickly, in many cases there is intense competition.
Is this a good time to sell?
Yes – it is all about supply and demand, not the seasonal time of the year. You’re better off to have buyers out rather than flowers out.
Is the market likely to fall further?
We would be surprised to see much more downside. Again because of supply and demand, a relatively low interest rate environment (even in the medium term) and positive net migration.
In short, property is affordable and Auckland is a great place to live. A fact that is becoming increasingly agreed upon by the world at large.
Thursday, June 18, 2009
Safe bet
Who’s betting on the All Blacks? Probably a safer bet is the response you’re likely to get if you put your house on the market. Unlike last week’s All Black result – you will be in for a pleasant surprise. We have witnessed some extreme competition this week, such is the shortage of property currently for sale.
Friday, June 12, 2009
Interest rates stabilised
Well it looks like the downward slide in interest rates is officially over with the confirmation today of no change in the O.C.R. It seems to us buyers pre-empted this likelihood and have been moving aggressively over the last months. With net immigration on the rise and interest rates continuing to be at affordable levels, we would be surprised to see prices fall significantly, if at all, throughout the areas we serve anyway - amenity values are too strong and don’t change.
Thursday, June 4, 2009
Shortage of homes for sale
May proved to be a record month for us and it’s continuing. Don’t believe everything you read about the property market – it’s not that bad!
We have a seasonal shortage of available homes compounded by vendor apprehension. Right now, fortune will favour the brave. List now – there are many buyers waiting.
We have a seasonal shortage of available homes compounded by vendor apprehension. Right now, fortune will favour the brave. List now – there are many buyers waiting.
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