January is looking good for Upper Hutt real estate!

Hi folks,

Two weeks ago, when I wrote my last musings regarding all things real estate in Upper Hutt, I talked about the influx of buyers and the great start to the year that Tara and I had. The addendum to that is that there far more buyers than I thought and already there are more sales than both January 2021 and 22 and there’s still another week to go until February!

In fairness, both 2022 and 2023 weren’t great years for the number of real estate sales, with the trend moving downward from 791 in 2020 to 671 then to 646. While the number of sales dropped, the prices themselves were very solid and there have been some gains in that time. To be clear though, it’s still the case that most buyers who bought in late 2021 are still in negative equity and my advice to those people is simply that if you don’t need to sell then don’t.

I wrote a few weeks ago that we didn’t expect prices to rise considerably in 2024 but with the activity seen so far and the drip-feed of news pertaining to changes to the lending by the banks, the reversal of the Tenancy Act and the ability for landlords to claim more interest on their rentals, I’m moving towards a more bullish approach to price growth and will monitor prices on a monthly basis and report back to you. The start to the year has been incredible and surprising but with such few sales in the last 2 years, the pent up demand is now seeming to come through.

If you are thinking of selling your home, would like an appraisal, or want more information on the Upper Hutt property market please call me on the numbers below or contact me via email steve@steveslicker.com alternately fill in your details here on my website.

Steve Slicker
Branch Manager
Bayleys Real Estate
DDI: (04) 212 6787
Mobile 0275 661 949
Office (04) 568 6044
Licensed under the REAA 2008

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