This Week's Lifestyle Properties and Open Homes

There was a great article in Stuff that I will link below that gives a detailed and broad explanation of what is happening in the market at the moment.  The article talks through a few key points that I think are relevant. We’re all very aware that the market has been challenging but as pointed out in the article, it’s actually the second worst downturn in the last 75 years. 

 The long and slow burn has made it less ‘acute’ and the feeling that it was largely correcting off the highs of 2020/21 meant that it also didn’t actually feel like a crash, despite everyone knowing it wasn’t good.  The other point made that is perhaps the most relevant when it comes to securing a result is around the annual sales volumes.  The article points out that sales volumes have actually increased, but attributes this to large amounts of listings that have sat around a long time and are slowly selling through as sellers realize they need to meet the market.  The market uncertainty means that buyers aren’t willing to raise their offers and the large amount of listings means they don’t necessarily have to.

It can sometimes feel frustrating trying to make genuine buying decisions and things don't quite come together, but this should provide some insight as to why it may feel like more of a struggle than normal.  Being patient and remaining in a negotiation can often lead to a result, so don't be discouraged if time takes a bit longer than required.

Another point that is important is that we are looking at our Spring listings and there are good things to come, so while it is still worth pursuing those you have had your eye on, new ones are yet to come.  Article link as follows:

New Zealand’s housing downturn is now the biggest in 46 years | Stuff

 Sold this week:
2523 State Highway 50