With a steady economic climate luring buyers back into the fold and a conclusion to the election, the market is much better than it has been, as seen by the figures from October released by REINZ. As the average days to sell continues to decrease, currently sitting at 37, it’s clear that now is the time to put your house on the market.
Here are five compelling reasons why this marks the best opportunity to sell in two years:- Resurgence of Investors: Retraction from investors has been a major contributing cause to the decline in demand in the real estate market. The return of this competitive buyer sector is having its greatest effect in the lower to mid-price ranges and, fuelled by increasing rents, strong immigration, and now new policy from the National-led government.
- Stabilised Interest Rates: Adrian Orr, the Governor of the Reserve Bank, believes that interest rates have reached their highest point and observes positive changes in the economy. As a result, it seems unlikely that there will be any further OCR hikes this year, which provides assurance to buyers regarding their mortgage payments in the coming years.
- Onset of a New Growth Cycle: Emerging from prior uncertainties, the real estate market is now entering a fresh phase of expansion, foreseeing a more stable pattern as property values increase.
- Heightened Immigration: Over the past year, New Zealand has experienced a growth in population of approximately 2%, with a net increase of over 100,000 people. This increase has created more demand in the current housing market.
- Consistent Drop in Days to Sell: The number of days it takes to sell a product is a clear measure of how much it is in demand, and this figure has been steadily declining in recent months. It currently stands at less than 40 days, caused by hungry buyers out there ready to make an offer on their next home.
At Professionals, our experienced team provides property value assessments based on comprehensive local sales data. Contact us for a free appraisal and receive a report detailing your property's approximate value in the current market, along with recent sales data for similar properties within the area. Whether you're considering a sale before Christmas or in the New Year, our dedicated team is ready to guide you through the process.
