Property market report
Listing numbers up, sales numbers down, Auction results low, New House Prices high, Money hard to get.
In short we are experiencing a market that is crazy strange.
Buyers are having a greater number of options presented to them, with a greater volume of properties on market than we have seen in the last two years. Caused by a traditional listing surge of February and March sellers and a hang-over of properties caused by changes by Government and the Reserve Bank to heavily restrict the lending ability of banks and mortgage providers.
The tough measures imposed on banks by the Reserve Banks Loan to Income, Loan to Deposit and Loan to Debit Ratios making it difficult for Banks to operate and add to that the Governments new responsible lenders legislation called the CCCFA which makes lending money to first home buyers and Investors extremely challenging.
Auction results through Rodney and Waitakere wards have been very poor with only one result out of five put to Auction. This result is a direct result of the tightening financial restrictions that banks are working too which has seen a significant retraction in pre-approvals in the market and banks requiring more confidence in the lender and the asset.
New house prices continue to escalate due to supply chain disruption and soaring building material prices which in many instances have seen sunset clauses used by the seller not the buyer to terminate new builds that have become non-viable to sell at contracted rates or deemed undesirable with the contract below current market values. The creep in New Home pricing is one key factor that continues to keep the second hand homes value reasonably firm.
As we move through Covid version Omicron, the CCCFA rework, Interest rate increases and the shuffling caused by inflation and supply chain issues we see a convoluted market that does favour the sale of homes that are presented and marketed at their best.
Let’s look at the sales from last month:
Coatesville $2,780,000 to $6,850,000
Helensville $635,000 to $2,145,000
Hobsonville $837,000 to $2,563,000
Huapai $855,000 to $3,600,000
Kumeu $900,000 to $1,470,000
Massey $790,000 to $1,350,000
Muriwai $1,250,000 to $2,190,000
Riverhead $1,340,000 to $2,110,000
Swanson $1,035,000 to $2,350,000
Waitakere $1,485,000 to $1,645,000
West Harbour $1,041,000 to $2,765,000
Westgate $850,000 to $1,394,000
Give me a call today on 0800 900 700 for more information. After 16 years of making people my priority in real estate, you will benefit from unparalleled experience, care and commitment. It costs no more to use a more experienced customer focused agent that puts you, front and centre. Graham McIntyre phone 027 632 0421 email email@example.com - Mike Pero Real Estate Ltd Licensed REAA (2008).
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