Steven’s Property Market Overview

There’s still global economic uncertainty, perhaps that’s one of the reasons why the NZ$ has climbed to a 6 month high, which is great for the traveller and importer (fuel should drop in price).

There’s still global economic uncertainty, perhaps that’s one of the reasons why the NZ$ has climbed to a 6 month high, which is great for the traveller and importer (fuel should drop in price).

The positive sign is that the US home sales have jumped 24% in June, taking the inventory of unsold homes in the US to its lowest level in 40 years! We too have a shortage in central Auckland of good quality character homes for sale.

The Western economists are saying that NZ and Australia are the places to be, as we are emerging from the financial mire through the demand, particularly from Asia, for our commodity products. Unfortunately this hasn’t flowed through to increase consumer confidence yet, but watch this space... perhaps it will?

The lift last week in the ORC rate to 3% was expected and by all accounts will keep on climbing. However we really couldn’t expect those low interest rates that we have enjoyed for the past couple of years to continue forever. Our economists are predicting a growth of 3 % this year – which is certainly slow for a recovery, but a long way from a recession.

The housing market has experienced difficulties this year in most areas, especially in declined sales as buyers, especially investors are still cautious. The recent dwindling in net immigration to an exiguous trickle needs to change for property prices to firm up, but what’s new?   Property is always a supply and demand situation.

Vendors who are selling in this market need to list with competent experienced realtors, who have worked in these harder markets before. You know there’s a buyer for every property, it always gets down to the price, clever marketing and the skill of the agent to close the deal at the end of the day.

History has taught us that bricks and mortar are still one of the safest options to put your hard earned money into. If you are considering buying, in my opinion, there’s never a better time than right now – when the market is a little softer. My advice is to look in solid growth areas. I have some pearls of wisdom for you to consider. I can tell you some secret areas which are seriously under- valued and will only increase in value: 

• Within a close radius to the city ( no more than 20 minutes easy drive)
• Close to transportation ( 2 stages on the bus or close to the train station)
• Close to good motorway links (but not in the 3rd lane of the motorway!)
• In the zone for good schools, especially primary and secondary if you can
• Character houses that offer good in/outdoor flow for entertaining.

CLICK here to view some of our listings that maybe of interest to you. 

If you want FREE advice, whether it be buying or selling, or you would like to know my thoughts on the “hot spots” to buy in, give me a call, 021 888 455(24/7) or email me on sglucina.ponsonby@ljh.co.nz

I’ve been buying and selling property for over 35 years, it’s my passion and I would love to talk to you.

Remember “there’s no substitute for experience”

Cheers

Steven Glucina

L J Hooker Ponsonby