Did the market just turn? Is it now a buyers market?

[McDuck]

Several sources are telling me that it's well and truly a buyers market now.
True? False?
not sure.

[Don't believe the Hype]

I assume you’re meaning Auckland. This is not being discussed in at least 70% of the country ��

While there might be more stock on the market in auckland there is nothing driving urgency of sale (I.e costs increasing or unemployment rising) so while buyer might have more options the majority of sellers are in no hurry.

[donna]

Wellington's property price is up 12.3% in last 12 months - Otago and Southland doing well = 11% - other areas in low single digits incl. AKL. says Trade Me's Property Price Index.

I think we're (WGN) the beneficiary of lack of opportunity in AKL. Definitely popular with Europeans incl. UK and it's bumped up our asking prices.

cheers,

Donna

[artemis]

Trademe's latest property price index reporting 18% increase in Auckland listings over same period last year. That's a big jump.

How many are new build apartments? Or landlords selling up? Or is it just spring fever?

Whatever the reason, the increased supply will lead to stabilised prices and possibly big trouble for apartment developers and renters. The number of qualified buyers is not going to change dramatically overnight, so who is going to be buying?

[Keithw]

2 of those are units that I am selling, currently empty of tenants and will remain so until sold.
Thats 4 bedrooms no longer available for rent.

Agents finding that buyers are significantly fewer right now. plenty still looking but wanting bargains & taking time with decisions

[donna]

So does AKL needs tens of thousands of new homes? If the current available stock is not moving quickly what's that saying? Current prospective buyers are at both ends (high and low) but's what's on the market is in the middle perhaps.

cheers,

Donna

[Frezzinghot]

I assume you’re meaning Auckland. This is not being discussed in at least 70% of the country ��

While there might be more stock on the market in auckland there is nothing driving urgency of sale (I.e costs increasing or unemployment rising) so while buyer might have more options the majority of sellers are in no hurry.

We would like to know when things get urgent as we are currently buying and selling in the same market. It’s our PPOR which we are talking about. We are just not seeing the urgency to sell as where we live you either pay up or move on. Quite difficult to try and bag a bargain in this environment.

[eri]

it would seem

that in ak

lots of $500k-$750K apartments are

coming on line

for the developers + country

i hope 1st home buyers buy them

because they aren't esp. attractive to investors

to rent out at $500-$750pw

with next-to-no-chance of capital gain

and enough "envy tax" risk

to make moving capital os

look attractive

[BlueSky]

I think the Ak and rest of country to follow will remain generally flat for 3-4 year period. All the headwinds are indicative of this:
Immigration, Interest rates , economy, affordability.
There will be the usual media hype of a few selective properties that are selling well over market expectations like Mike hoskings.
As usual apartments will be the first to suffer, similar to Melbourne. Anything that is propped up with cash in the hope of capital gain. Once that evaporates , then it gets painful so the urge to hold on becomes unreal or real.
Wont see any dramatic change in prices (fall) the market until the Interest rate really shoots up

[Nick G]

We don't have a housing shortage we have a shortage of people able to afford 1.5mil for an average house.

[donna]

Yeah well said Nick. It's not a buyers market in Wellington - far from it. Esp. in the areas around the new roading (north). Homes in Kapiti are on the market 5 days and they're sold.

cheers,

Donna

[Bob Kane]

We don't have a housing shortage we have a shortage of people able to afford 1.5mil for an average house.

So we should open up the immigration doors and let a lot more asian buyers in and the (housing) shortage will be solved?

[McDuck]

So we should open up the immigration doors and let a lot more asian buyers in and the (housing) shortage will be solved?

Ha ha.
It's best not to created six new problems in the effort to solve one.
Essentially you want a harmonious solution.

[Sebastian]

Here in Welly there's still reasonable demand from buyers due I think mainly to the low number of listings.

It's cooled somewhat from the buying frenzy that we had over recent years, but market is still fairly warm here.

I just did a quiet listing on Thur, I had two great cash offers by Sat and sold the place that afternoon at a price I was really happy with.

[Frezzinghot]

Several sources are telling me that it's well and truly a buyers market now.
True? False?
not sure.

That depends on how desperate you are to sell.