News

The Outlook for 2018

By Renee Donald

What is the real estate market doing 2018??

Without a crystal ball it is pretty difficult forecasting any dramatic changes this year … We often describe the real estate market as being cyclical with the weather, the economy and the cost of borrowing and the availability of mortgage finance being just some of the factors that influence market activity.
Aaron can report from the activity at our network of offices that the waiting is over for many home owners who are now seeking appraisals of their properties with a view to establishing marketing strategies and pricing information before offering their homes for sale. This is good news of course particularly for finance approved new buyers in the market offering them a greater selection than they have had in recent months.
From a home owner’s perspective, the current market is at the point in the cycle where are taking longer to make buying decisions. Market commentators are suggesting that there is likely to be a flattening in house prices in coming months. Aaron’s opinion is the Bream Bay market has perhaps levelled out but prices are still holding up for well-presented property in popular locations.There are still really high prices being extracted from the marketplace.

Although the spring resurgence was a little late starting it is definitely with us now and we see the remainder of spring and the summer months as offering opportunities for both home buyers and sellers to meet their real estate objectives with the help and support of a Raywhite representative.I think the end of the financial year and the onset of autumn may be an interesting time to keep an eye on for any flickers of change in the real estate market
“The annual rate of value growth recovered to 6.4% in November and 6.6% in December and sales volumes for November lifted 21.0% higher than in October. This was partly due to buyers delaying purchasing until the election result was decided and may also have been in part due to some buyers racing to purchase before the new foreign buyers’ ban in December. ”We’ll also see less overseas buyers in the market in 2018 following the Government’s plan to ban international investors. We expect this to have an impact on big ticket properties around the country that are often purchased by foreign buyers, but this won’t have a significant impact on the national asking price.”
“In preparation for the Healthy Homes Guarantee Act, some property investors may choose to sell up rather than face the additional costs required to comply, resulting in a potential increase in housing stock for owner-occupiers.”
“Demand for housing will remain solid this year and we expect to see the national average asking price grow between 2 percent and 4 percent”

Region: Northland
Dec 2017 vs Dec 2016: +1.8% or $9,350
Average asking price: $531,100

Have any burning questions?  Give us a call, we’re happy to help.  09 433 0334

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