Historically, the summer season has been one of the busiest times of the year in real estate interrupted only by the brief annual Christmas shut down which will soon be upon us once again. This year appears to be progressing along similar lines as we continue to transact residential real estate sales in good numbers and at top prices. Even those of us associated with the real estate business are astounded by the ever-increasing prices yet we need to be mindful of the possible market correction that many are predicting.
The Real Estate Institute of NZ reported that nationally, October showed a marked increase in sales activity on August and September boosted by the usual spring market uplift. Quotable Value (Q.V.) report that New Zealand’s average house value cracked $1million for the first time in the three months to the end of October.
Tommy’s has listed strongly in recent weeks and has some good properties available in the lead up to Christmas. We are optimistic that the current activity level will continue into the new year and urge homeowners who are planning a new year sale to contact us now so a marketing plan can be formulated in time for new year transferees to our city. Recent and pending mortgage interest rate increases do not appear to have deterred buyer interest at this stage and demand remains strong.