Perspectives Property Report November 2023

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 in the post-election period.

The warmer weather has sparked increased activity, indicative of the annual uptick in real estate typical of Spring.

This upward movement underscores a growing confidence in the property market, notably reflected in rising property sales counts across New Zealand, showing a 5.1% increase in September compared to the previous year. 
 
Challenges still linger, with high interest rates and inflation persisting above the Reserve Bank's 3% target.

Nevertheless, within these challenges lies a more positive outlook for the coming months, buoyed by increased post-election certainty, a continuing population boom, and a build-up of both buyers and sellers. 

These collective factors and our own activity indicate a much more optimistic market ahead.
With November poised to usher in significant policy changes and promising opportunities, the stage is set for a potential transformative period.
 
In other exciting news and prior to public release, New Zealand Sotheby’s International Realty is proud to present Lakeview Te Taumata, a new world-class development in Queenstown. 
 
Lakeview Te Taumata is set to become a dynamic extension to the current town centre, seamlessly blending into Tāhuna Queenstown’s natural beauty. While setting unprecedented standards for sustainable architectural innovation and urban integration, the Lakeview development will offer residential buildings, hotels, co-working and co-living spaces, hospitality and retail, and a hot pools attraction.
 
Featuring a variety of options for prospective buyers, Lakeview Te Taumata has one, two and three bed configurations, alongside sub-penthouses and penthouses, catering to those seeking an elevated level of luxury. Dwellings of this exceptional design and quality have not previously been available in Queenstown.  
 
Prior to public release, this exciting opportunity is one you won’t want to miss. Reach out to your local New Zealand Sotheby’s International Realty expert to register your interest. 
 
Finally, as title sponsor of this month’s Queenstown Marathon we’re thrilled to announce there are over 10,000 participants joining us in Queenstown on Saturday 18th November for a fantastic community event. If you’re competing – good luck and we’ll see you at the finish line. 
 
That’s all from me, I look forward to seeing you next time for another Perspectives market update.