Don’t wait for spring, because you will be competing with many other sellers who are also waiting to bring their property onto the market.
List your property ‘now’ when the stock of unsold homes on the market tightened to an all-time low of 25 weeks, based on the rate of sales, well down on the long term average of 38.1 weeks. The number of new listings in June represents an 18% fall and it is the lowest number of June listings for 7 years.
The housing market remains in favour of the sellers. This is driven by a shortage of listings for sale and low inventory across many regions which include Canterbury, Waikato and Central Otago. Wellington’s stock has fallen to 15.4 weeks, the lowest since 2009.
It remains a sellers’ market across 15 regions of the country. With supply of stock so low in many regions, the economics of supply and demand influences property prices upwards.
The asking price fell in June to $450,178 down 1% on the previous month lead by Auckland experiencing a slight fall; however, this was tempered by Wellington and Canterbury where the asking price rose.
Bob Brereton (First National Chairman) had the opportunity to attend lunch with the PM when he visited Motueka.
John Key’s speech was focused on the economy and the state of the nation, but also touched upon “a topic close to our heart, the housing market” said Bob.
“I spoke to Mr Key about the housing issue, that the Auckland market buoyancy misrepresents the median price for the country. Mr Key is mindful that a rampant Auckland market would have an adverse effect on the country and the Reserve Bank may want to intervene.”
John Key acknowledged that there needed to be further high level, meaningful engagement between the government and leaders in the real estate industry, which may encourage an industry wide discussion rather than a sledgehammer to our economy as proposed by the Reserve Bank.