Asking Prices Remain Static
Kiwis now have more choice when it comes to buying a home. An increase in new listings, coupled with static prices indicates the property market is back on track, says realestate.co.nz spokesperson Vanessa Taylor.
“The heat that lit the 2015–16 market is no longer evident.
“The slow start to the 2017 year was equally challenging for buyers and sellers. What we are now seeing is a normalising of the market which will benefit both groups,” she says.
Real-time statistics from realestate.co.nz show that in November, there were 13,477 new listings across the country, the highest number since November 2014.“With this increase, the market is now sitting where it should be in terms of total stock,” says Vanessa.
A MORE STABLE MARKET IS A GOOD MARKET
“A more stable market is good for both sellers and buyers”, says Vanessa Taylor. “Those looking to trade up or down can do so with more certainty about price expectations.
“There is more choice and less heat,” she says. For new home buyers, realestate.co.nz welcomes the Reserve Bank’s announcement this week that from 1 January 2018, mortgage lenders will have the ability to approve loans to more customers who have less than a 20% deposit.
“There is no doubt that buying a first home has been incredibly tough across the country” says Vanessa.
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