Certainty Brings Stability And Confidence To The Property Market

Press Release – realestate.co.nz

The latest data from realestate.co.nz shows that certainty breeds confidence in the property market. During November, vendors returned to the market, demand for property rose to meet supply, and average asking prices remained generally stable. …

The latest data from realestate.co.nz shows that certainty breeds confidence in the property market. During November, vendors returned to the market, demand for property rose to meet supply, and average asking prices remained generally stable.

All of this was in the face of increasing certainty around governmental leadership and the economy. Last month, the Reserve Bank also agreed to maintain the OCR at 5.5% for the fourth consecutive time.

Vanessa Williams, spokesperson for realestate.co.nz, says the trifecta of government, economic and OCR certainty has boosted market sentiment:

“Kiwis love certainty, which is why, with its reputation as a safe investment, we love property. Unsurprisingly, more stability in and out of the market gives people the confidence to buy and sell.”

Selling by auction also remained the most popular sale method last month, making up almost a third (28.2%) of all listings. Vanessa explains that this is a by-product of market certainty:

“People sell under the hammer when they feel confident in the market. And we’ve heard that many sellers had success in auction rooms during November.”

New listings lift before Santa touches down

For the first time since November 2022, more than 10,000 new listings came onto the market last month. An increase of 5.2% year-on-year, this national lift is a combination of seasonal factors and market confidence, says Vanessa.

Year-on-year, more than half of our 19 regions saw new listings increase. The biggest lifts were in Central North Island (up 21.9%), Taranaki (up 13.6%), Nelson and Bays (up 12.1%), and Auckland (up 10.5%).

Month-on-month, new listings were up

The original article can be found here

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