Latest Real estate market commentary
from Bayleys managing director Mike Bayley, along with financial research and analysis from highly influential ANZ chief economist Cameron Bagrie.
Like squirrels emerging from hibernation, so to is the New Zealand home-buying population awakening to the spring quarter of the residential property cycle.
Unlike the squirrels though, who are finding the fresh buds of new vegetation growth abounding in the woods, budding Kiwi home buyers are finding the supply of new listings from which to choose from rather sparse.
By consequence, that lack of listing numbers is stifling activity. Ensuing sale numbers have been further curbed by over-optimistic vendors paying too much credence to the media headlines proclaiming it’s a seller’s market, and that sellers are in control of the price and sales process.
It must be pointed out though, that both vendors and purchasers jointly have pivotal roles to play the sales process – for neither side can conclude a transaction unless there is a willing party on the other half of the equation.
So while some vendors may well be holding out for their ‘dream result’, buyers are equally digging in their heels at the top of their price bracket, and are now simply waiting for more listings to come onto the market. We are seeing this stubbornness trend most evidently in Auckland and Queenstown.
The proverbial squirrels are slightly more active in the rural sector however, with an upsurge in farm listing numbers coinciding with the arrival of spring.
Bubbling along under the surface and driving this activity, we see and hear anecdotally that another wave of ‘bank-supported’ farm sales are coming onto the market across a number of provincial regions in the North Island