MARKET COMMENT AS AT 30TH JULY 2018

The Real Estate Institute of New Zealand REINZ, source of the most complete and accurate real estate data in New Zealand in its June market report stated that the winter chill has impacted on real estate sales volumes across the country in June but has done little to halt price rises in most regions. The lack of housing supply continues to put pressure on prices in the majority of regions across the country states the REINZ.

Locally, our interpretation of the market is generally in accord with the comments of REINZ and a similar pattern has continued from June into July. We anticipate that July sales statistics will support this when they become available mid-August. Tommy’s experience has been that activity has generally been slow in July due in the main to a shortage of housing stock for sale. This has been a market though that has benefitted home sellers over the winter months with fewer options for buyers to select from.

The slow- down in activity over winter is an annual occurrence which we have come to expect. However, with spring and summer to look forward to Tommy’s are optimistic that increased activity will soon be evident. The fact that the Reserve Bank of NZ has at its latest review chosen to leave the Official Cash Rate at 1.75%; the level it has been at for almost two years now will continue to give confidence to potential borrowers undertaking mortgage commitments.

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