Market Comment
True to expectations, the onset of spring has seen an increase in the number of new properties coming to the market yet there is still a strong belief that supply is barely meeting the demands of the buying public.
The latest report from the Real Estate Institute of New Zealand (REINZ) stated that “Above average temperatures for New Zealand in the final month of winter has had a positive impact on the real estate industry with prices increasing in 14 out of 16 regions across the country. The middle of the North Island and the top of the South Island continue to see strong prices achieved as low listing numbers continue to drive prices upward in these popular areas points out the Chief Executive of the REINZ, Bindi Norwell”. The REINZ claim to have access to the most up-to-date statistics available and their market comments are based on monthly figures supplied by all member agencies throughout NZ.
Sandwiched as it is between central North Island and the upper South Island, the Wellington region is experiencing somewhat similar trading conditions and at Bayleys, we are experiencing a number of instances where multiple offers are being made on properties in popular locations. This scenario seems likely to continue for the remainder of this year at least making the coming months attractive to homeowners looking to offer their properties for sale. Bayleys welcome the opportunity of offering free appraisals and market advice to prospective home sellers without obligation.
Thinking of selling in Petone, or the Hutt Valley? Want to know how much your home is worth? Call me anytime for free, no obligation real estate advice. I’d be delighted to help.