Good Market News? YIP!

Hey Everyone! Boy what a full-on week we’ve had, with lots of market, mortgage, political changes we are in for a very interesting 2023. In terms of the property market, we are finally starting to see some hope and the beginnings of a path back to normality. Here are a few areas we are keeping a close eye on; important variable with the property market. We saw some banks drop the 3 year+ mortgage rates. Although it is likely they will go up with the rest of the rates soon, it is a clear sign that we are reaching the end of this correction phase. haven’t seen the flood of people coming to Wellington yet. I still believe that once the whole ‘work from home’ phase is finished, our local market will benefit from all the returning employees to the city. Once all the workers return to the city, so will the businesses/jobs and the value of property in our community. impossible to be a landlord, it simply makes has 10000% got to change this year in the and people need to be incentivised to be that will be addressed politically this year, regardless of who gets voted in. banks run the market. We had a property where the buyer wanted to pay more for a property, but the bank wouldn’t let them. Due to the low market confidence banks are very conservative and reluctant to stretch themselves. We could start to see confidence when the media/data reports on the flatting of prices in the next few months. is not keeping up with the supply and it is expected that more properties will come up with the next interest rate hike could signal the final phase in this correction phase. is nice to finally see some positivity in the market/media and we will continue to do our is doing relatively pretty damn good and is credit to the resilience of our communities. If you are thinking about making a property move, do get in touch and we can discuss your situation in detail and ensure you are getting the best possible advice to help you move on in your best interests.