MARKET COMMENT AS AT 8th NOVEMBER 2019
The current market has been aptly described in a recent property news release from Quotable Value which stated “The continued shortage of quality real estate listings, coupled with record low mortgage rates have combined to add some zing to the property market over October. Spring normally brings with it a surge in housing listings, but listings generally are down throughout New Zealand. With lower interest rates enabling new buyers to enter the market, competition for limited stock has contributed to the October results.”
While this comment is an overview of the market New Zealand wide, Tommy’s has listed quite strongly throughout the Wellington and Kapiti Coast areas but we fully concur with the statement that low interest rates are contributing to strong buyer interest. Potential home buyers are seizing the opportunity to capitalize on favourable borrowing rates at a time when a number of market commentators are predicting further escalation in house prices over the coming year.
With this scenario Tommy’s belief is that the lead up weeks until Christmas are likely to see a continuation of sales at good prices in and around Wellington. Kapiti Coast must also attract more buyers as progress on the long awaited Transmission Gully motorway continues and will ultimately bring the coast closer to the city. If you are considering selling, call us now. There is still time to achieve a favourable result for you or if the New Year suits you better, then November/December is a great time for Tommy’s to discuss and set in place a marketing plan for next year’s home sellers.