MARKET COMMENT AS AT 12TH November 2018
The most reliable information that Tommy’s has to gauge market activity is based on the sales we transact as a company ourselves. As a Wellington-based agency covering the greater Wellington region including the Hutt Valley and Kapiti Coast, we offer a total coverage of Wellington City and its environs thereby having a total overview of the entire area in which we operate. Tommy’s sales statistics are our most reliable source of market data and are our best market barometer. With the month of October producing 78 sales from our City Office alone, all the indications are that there continues to be strong demand for Wellington housing and that good selling opportunity exist for homeowners wishing to relocate.
In the early part of November, the Reserve Bank announced that the Official Cash Rate would remain constant at 1.75% and added a rider that this rate was likely to continue through 2019 and into the following year. A forward prediction of this nature is a little unusual but must give confidence to those making mortgage commitments for home purchases and is likely to see a continuance of the strong buyer interest we are witnessing at the present time.
It has also been well documented recently that Wellington house prices have continued to increase and coupled with some substantial increases in the recently released government valuations this will be good news for existing homeowners. A word of caution though! Government Valuations are not always an accurate guide for establishing market value. They are created mainly for rating purposes and their relevance to market value will vary considerably. Using your Tommy’s agent to provide a market assessment based on factual recent market data is the best way of ensuring that you capitalize on the price increases that have occurred in recent months. We promise to maximize your property’s potential value by creating competition for your home and to get the best price possible for you – our valued client.