Listings picking up
The New Zealand average property asking price just hit a record $690,733! Realestate.co.nz reports that, after an 18-month nap, there were 10,372 new listings in September - an 11.7% increase on September 2017. Bright-eyed and bushy-tailed Auckland leads the charge, up 31.9%, while Southland was next with 21.2%. Northland and Wellington were also wide awake with more than 13% increases.
So, what's behind the rises?
Vanessa Taylor of Realestate.co.nz puts it down to one thing — confidence. "New Zealanders sell their house when they believe they can,” she told News Hub.
But, property commentator Olly Newland, isn’t quite so chirpy. “Some people are panicking that the market is slipping and want to go to market. And while I don't think prices are going to come down a lot, I don't think they're going to go up at all. They’ll go very flat and ease off".
Newland’s thesis is ominously backed by Real Estate Institute of New Zealand figures. They show that September house sales in Tauranga were down 11.4% compared to September 2017. Is Tauranga the canary in the coal mine?
Remember, I understand the lending criteria of over 20 different banks and lenders so if your client is unsure if they can get a loan, I can look into what’s possible.