It has been a very busy start to the year for our sales team.
Apartments have been flying out the door, many at full price before we get to advertise them. Others are in multi offer situations, sometimes up to three buyers per property. On the odd occasion we have seen some apartments sell above the asking price.
We have definitely seen the implications of Auckland’s fast rising sellers market with many more first home buyers turning to apartments to get their feet onto the property ladder. We saw this in our own office with one of our property managers, who began looking for a house in the suburbs and ended up buying an apartment in the city.
Owner occupiers are paying higher prices than most investors, which is helping to drive the cost of property up across the city. Recent rent increases are helping us to sell some to investors also.
The OCR has remained stable and the NZ economy is growing. It will be interesting to see what April brings for buyers and sellers, with the government introducing the changes to Kiwisaver. It looks likely that we will see an increase in the purchase price threshold for first home withdrawals and also perhaps an increase in the first home grant that some are eligible for.
It has been a highlight for us to see many people who bought their city apartments off the plans between 2005-2008 starting to get their money back this year. Finally both the sales and rental market have caught up and owners are able to sell without a loss or start to enjoy the return on their investment. In some buildings pricing is a weekly moving target, one month can make a big difference, so it is important for us to keep a step ahead of the market at all times.
Feel free to call us any time to discuss your goals, or just call in for a chat