Check out the latest Special Edition Property Guide including the quarterly market update from OneRoof featuring our brief by Jo Green on page 39.
“Spring is typically the season to sell, and this year appears to be no exception with a strong sense of preparations underway from sellers wanting to be on the market before Labour Day weekend. Buyers who are yet to find their perfect property may well have their dreams come true around mid-October when we see an influx of new listings.
It has been so great to see the increased activity from first home buyers continue now that they have had a chance to get foot in the door. The Whangarei District median house price in August 2023 is $675,000 which has remained relatively static over the past few months. Overall, across New Zealand prices are currently recovering after peaking in December 2021 then falling 17.8%, bottoming out in May 2023. It has been forecasted that house prices will rise 5% per year over the long term, being a slower rate than we have experienced in the past. Northlanders on average hold on to their property for 5 years, 8 months with a price growth of 52% over that time (Sept 2018 to May 2023). There are always genuine reasons for moving as we approach different stages of life; whether due to family growth, a job relocation, separation, downsizing when the nest is empty, retirement, deceased estate or simply a sea/tree change.
If you are considering if now is a good time to buy, there are pros and cons in every market, meaning there is always something working for and against you. In the current market you have higher interest rates working against you, and on the flip side, you have cheaper property prices. This continues to cycle…interest rates are projected to slowly decline over the next couple of years, yet property prices are to rise. Buy now and take advantage of less buyer competition and less fear of overpaying, while looking forward to reduced home loan interest rates in the future.
The best time to buy is when you can!”