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Sell with us- 5th Aug 2023
An expert perspective on the property market
Mark Harris, Co-Founder and Managing Director of New Zealand Sotheby's International Realty, is a property market expert having been through every cycle of the past 15 years and overseeing the growth of the company across the country.
He takes us through the current state of the New Zealand real estate market.
Three months of stability bodes well for rest of 2023
"As of today the median sale price sits at 17.7% lower than the market peak in November 2021 but has remained unchanged for the past 3 months at $780,000. Three points make a trend so it’s likely we’ve seen the end of the downturn."
Watch the video for the full report.
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August transcript
Well we’re half way through the year and so much has happened in the NZ housing market already, it’s a great time to take a breath and think about what’s around the corner.
We’ve experienced almost a full real estate cycle in the last 6 months, prices falling then stabilising, buyers leaving the market then actively searching again, homes available on the market were plentiful and now new listings are at historical lows.
All up a reflection of 6 months of uncertainty in the markets direction.
As of today the median sale price sits at 17.7% lower than the market peak in November 2021 but has remained unchanged for the past 3 months at $780,000. Three points make a trend so it’s likely we’ve seen the end of the downturn.
We’re now seeing the competition and confidence of buyers return. With the easing of LVR restrictions in June, the OCR being held at 5.5% with an end to interest rate hikes and some economists are forecasting a 5% rise in house prices in the next 6 months, now may well be the right time for purchasers to get back into the market.
51 Albert in Auckland is just one opportunity for buyers to make a smart investment right now. With only 5 of 30 apartments left in this modern residential tower, residents here will enjoy hotel-style styles and an unbeatable central location. It’s due for completion in quarter 3 next year.
Other notable properties for sale around the country include:
Elderberry Crescent in Wanaka – a one-off home and income opportunity surrounded by its own vineyards and iconic Southern Alps mountain views.
In Mount Eden, 92A Marsden Avenue is a brand new home in elegant heritage clothes – it offers unparalleled modern living right in the heart of the city.
44 Mahoe Avenue in Remuera was recently sold by Klara Kozak. The 1920s bunglaw had been beautifully renovated and shows the level of homes buyers are looking for in the blue chip suburb.
In exciting news, we’ve just opened our doors in Christchurch under the management of Rosa Carter and Campbell Venning. A key milestone in our growth, we look forward to bringing our unmatched service to the people of Christchurch.
That’s all for now, see you next time.