In Auckland, open home activity has increased, but there’s no sign that the market is going up; instead, it seems to have stopped falling. Buyers don’t want to overpay and start with low offers, but some deals are being made. After a busy period in June and July, things have quieted down again.
With spring approaching, people expect more activity, and property appraisals and AML completion are increasing. Buyers are ready to make deals, but sellers want good prices. Both parties are more willing to make transactions compared to last year, and high-quality standalone properties are selling quickly through competitive offers.
Some sellers are waiting until after the election, hoping for change. In Auckland fringe suburbs, open home attendance is increasing, but not all sellers will lower their asking prices. Fear of missing out (FOMO) may affect buyer behaviour soon, but auction selling rates are improving.
First-time buyers or those with smaller budgets are active in the market, and many sales are below the property’s CV value. High-quality properties attract more interest, while others may not sell as quickly. Listings are limited, with many sellers waiting for the election outcome. The market is balanced between buyers and sellers, and there’s increased demand for entry-level price bracket properties.
Over the past few months, there has been a general improvement in the Auckland property market. However, the market is sensitive to factors such as elections, interest rates, and housing policies. Time will tell how these factors ultimately influence the housing landscape in Auckland.
Source from Tony Alexander & REINZ
Advice for investors and Property Owner
In Auckland’s property market, it’s important for investors and landlords to stay aware of what’s happening. By following the news, they can make smarter choices about their properties. Putting money in different kinds of properties and places helps keep things safe. Good-quality properties should be the main focus, as they usually have better value. Thinking about long-term investment is a good idea, as it helps deal with ups and downs in the market. Being ready to talk about prices when buying or selling is necessary.
Since more people want entry-level properties, investors should keep an eye on opportunities in that part of the market. Landlords need to make sure their rented properties look nice and are well taken care of.
After the election, it might be a good idea to check if the investing plan still works because new rules could affect the housing market. It’s always important to do some research and, if needed, ask experts for advice when making choices about property investments.
By PropertySage
The opinions and research contained in this article are provided for information purposes only, are intended to be general in nature, and do not take into account your financial situation or goals.
