It is better to restate the same story from covid 19 period
The buyer inquiried about one of my listings during level 4 lockdown period.
I have explained to him in detail and what’s my foreseeing on Auckland housing market.
Although he didn’t believe me at the point instead of trusting the economists who said the housing market would drop further down 20-30%, but eventually whatever I told him was accurate
The market became crazier in 2021.
Always tell the buyers and vendors about pschological preference when you are in different position.
As the frontline worker, I am seeing more update information and movement than any of buyers and vendors.
That’s the reason that lots of developers and investors need my helps to instruct them to do the investment and projects.
Except the townhouses , you might not be able to see lots of properties below 800k soon.
One brick and tile property in Kelston entered into multi offer within 7 days with 7 live offers
25k is more than CV.
More properties were sold above the CV and I am seeing more multi offers and pre auction offers notification from internal email system.
This week, Barfoot and Thompson Sold 340 houses ,which was increased from 200 houses per week.
Although less buyers in market go through the open homes, but houses were sold steadily.
In view of NZ economic situation, OCR might be cut further down along with deposit interest rate.
PM starts to attract oversea investors and rich immigrants which could add more fire to bring NZ back on track from recession.
When economy is getting better and unemployment rate is getting lower. It is inevitable for the people to buy the houses again.
And then if Demand is beyond the supply like 2020-2021, housing price would be skyrocketed again.
In 2021, median price is 1.25m and now median price is 1.05m
From the banks prediction , housing price might be increased between 6-7%, some banks think it would be between 3-4%
As the first home buyers, if you would have the chance to secure the houses, try to have one instead of waiting.
Your affordability would be decreased along with the housing price drop,which means your affordability might be still not enough to buy a house while the housing value is going down.
In another aspect, if the housing price is going up , you might spend more than you should spend now, because you need have a house through fight.
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