WATCH: Perspectives Property Report September 2024

Hi everyone and welcome to the September edition of Perspectives. 
  
Spring is always a welcomed time of year but this year more than ever after a tougher than normal winter market.  
  
Despite recent slowdowns in the economy, there has been a noticeable lift in activity and positivity across our offices nationally over the last few weeks.  
  
The OCR cut on August 14th to 5.25% was the first drop in four years and an encouraging boost for the market and buyer sentiment nationally. 
  
With leading economists forecasting an OCR of 4.75% by Christmas and retail banks cutting rates and competing for business, we are confident that the market is at the beginning of a moderate and hopefully sustainable recovery period moving towards 2025 and beyond.  
  
Just the belief that these changes were on the horizon appear to have had a positive effect on the July REINZ stats. Month on month sales volume in July increased by 19.7% and by 14.5% year on year. With around 32.3% more listings on the market than the previous July, the drop in median house price was expected as buyers still have the upper hand in negotiations with vendors.  
  
Logic would follow that if sales volume continues to increase, so will competition between buyers and eventually, put upward pressure on prices.  
  
For those looking for that once-in-a-lifetime home, 62 Park Point Drive on Waiheke Island might be to your liking. Sitting in a commanding spot on Park Point, the 5 bedroom, 2.63 hectare property is practically its own tropical resort. The interiors are palatial yet intimate and look out over the waters of the gulf harbour. 
  
Down in Hawke’s Bay, this incredible Te Mata Peak Rd property is a master class in modern design. The cutting edge interiors mix lofty wooden ceilings with concrete curves and the home can be cleverly re-configured to suit family needs.  
  
Congratulations to Suzette McCartney and Marcus D’Cunha of our Wellington team for this significant sale on the Kapiti Coast last month. The 6 bedroom ‘Westbrook House’ at Raumati Beach will delight its new owners with three grand levels of luxury living and private beach access. 
  
If you’re thinking of selling, there are still a few of weeks left to enter our Escape in Luxury to Tahiti competition. All you need to do to go in the running is have your home appraised by us before Friday September 20. Head to nzsir.com forward slash escape in luxury to find out more. 
  
See you next time.