MARKET COMMENT AS AT 4th JANUARY 2021
Real Estate news dominated the media during 2020 as against early predictions, prices throughout the country reached unprecedented highs. Records were shattered in most regions for the number and value of sales and for the reduced average time that residential property was taking to sell. Receiving multiple offers was the norm at sales deadlines and as Tender dates were reached. Auctioneers have generally increased their level of success for sales “under the hammer”. The market was a dream for home sellers but added to the difficulty first home buyers were having in getting onto the property ownership ladder.
Looking ahead into 2021 is little more than crystal ball gazing but it would surprise if the buoyancy of last year’s market did not flow through into at least the first quarter of 2021. Whilst some banks will be imposing restrictions on borrowing for investment purposes and there will be some tightening of the Loan to Value Ratios (LVR’s) we believe that the demand for home ownership is so strong that the market is likely to continue for some time yet with the same momentum as 2020 finished.
The first quarter of each year has historically produced a high level of real estate activity and we encourage home sellers to contact our sales team to ensure that your property transactions take advantage of this situation. We know the Wellington market, we have access to up to date market data and with a variety of marketing options we believe that we can add value to your real estate experience.