Real estate services provided in New Zealand have said that New Zealand property prices that “were being achieved at the height of the market” are no longer realistic.
Property news like this can sometimes cause concern among buyers, investors and agents but it is about dealing with the housing market situation in the best way possible. Education and awareness are the ultimate keys to preparing for real estate market changes.
The country’s biggest real estate agency says that the average house prices are beginning to drop and inflated prices that were once realistic last year are no longer achievable. This is affecting New Zealand’s real estate industry as people can no longer get the money they desire for their property/properties. Investment opportunities can be heavily affected by house price drops, so monitoring this Oceania’s country property news is essential.
Agencies in New Zealand have said that they sold almost 15% fewer homes during May this year in comparison to the same time in 2016. Average prices are under threat as a consequence, by drop-in sales. It has been particularly noticed in Auckland where the average price during May was below the average in the same month last year since sales started to decline at the end of last year.
As an estimate, the average price of Auckland homes in May was $947,807 which is a big difference from the average price of $1,024,317 in May 2016. In Christchurch, the situation has been even worse, with May’s average sale price of $498,370 changing from $553,114. Sellers are definitely starting to change their tactics and now adjust the way they expect their house price to sell for, otherwise, it could be highly disappointing. It has been forecasted that the fall in prices will become a problem in other regions across New Zealand this year, but a decline is not on the horizon.
It isn’t as simple as it used to be – the market is shifting, it is changing, in more ways than one. Sellers and investors of the real estate market in New Zealand should work with professional sales consultants and should think creatively when planning marketing techniques. A plan for New Zealand property prices and the real estate market needs to be realistic, achievable and in line with the modern day. Investors in particular need to stay mindful of accepting a good offer rather than rejecting it, in hope of a better offer coming along. Sellers may be waiting a very long for the high offer in mind to come by…
It has been forecasted that the fall in prices will become a problem in other regions across New Zealand this year, but a decline is not on the horizon. It isn’t as simple as it used to be – the market is shifting, it is changing, in more ways than one. Sellers and investors of the real estate market in New Zealand should work with professional sales consultants and should think creatively when planning marketing techniques. A plan for New Zealand property prices and the real estate market needs to be realistic, achievable and in line with the modern day. Investors in particular need to stay mindful of accepting a good offer rather than rejecting it, in hope of a better offer coming along. Sellers may be waiting a very long for the high offer in mind to come by…
A plan for New Zealand property prices and the real estate market needs to be realistic, achievable and in line with the modern day. Investors in particular need to stay mindful of accepting a good offer rather than rejecting it, in hope of a better offer coming along. Sellers may be waiting a very long for the high offer in mind to come by…
Written by Gemma Smith
