Is the housing market turning into a sellers’ market?
In Auckland at least, some of the activity in the past few months would point to a change in sentiment.
Currently, with the interest rates low and bank criteria opening up, younger families are finding it easier to get into their first home.
We have also noticed a welcome change in our own business with number of settlements heading up.
Looking at the median price alone, you could start to wonder if prices are creeping up again. The feedback we are getting from clients reflects a market where houses in better areas are moving quickly.
We also note a number of movements in the market such as easing of bank criteria across the low deposit space and the maturity of the KiwiSaver home withdrawal scheme, creating more home buyers in the medium price range.
The number of days it takes for an agent to sell a property in Auckland has remained stable over the past year.
But it is around a week less than what followed the great financial crisis.
Overall, it might be a good time to buy and possibly getting a better time to sell.
Hamish Patel is an insurance and mortgage adviser for mortgagesonline.co.nz and can be contacted on (09) 6254693. Email: firstname.lastname@example.org. The above should be taken only as a guideline and not as specific advice. A full disclosure statement is available on request.