Is now a good time to buy or sell? Market Update (Through October 2022)

October market update

REINZ statistics are out for October 2022, so our in-house analyst has been busy producing the latest market data for your perusal. We are moving into the November sales period and it is coming into the time of year when the weather is warming up and the birds are singing their hearts out in the mornings. It is also the time of year when our outdoor festivals are held. The Kerikeri Street party was well attended this year and the town showed off our local foods, wines, and community spirit. As December approaches, we look forward to the community events organized to celebrate Xmas, not least of which is the 8 metre Xmas tree that will be displayed in the Domain from the 3^{rd of} December.

Our visitor numbers will swell and we trust that some will choose to make Kerikeri their home now or sometime in the future.

Good time to sell or buy?

This is a question we are often asked and it is an important question.  There is no doubt that our market is changing and we are finally following the national trend.  It is taking longer to sell and median house prices have dropped.  Every market represents its own opportunities, inflationary pressures are driving new build prices up, increasing stock levels and higher interest rates are creating a price correction for existing stock.

This combination creates opportunities to purchase the property you have been waiting for. There is less competition in the market, you have more choice and ultimately values will correct again when demand exceeds supply over the coming years.

But what about if you are selling and must buy again?  The beauty about selling and buying in the same market, is that, although you may accept a lower price for your own home, the property you purchase will also be obtainable at a lower price. The market becoming almost irrelevant.

The average number of days to sell a property in Kerikeri has been around 60 days over the past 10 years. We are now experiencing this again; listings are increasing but still at the lower end of what we are used to. While the media are predicting doom and gloom, we merely see the market returning to “Normal”.   The reality is that the median house prices are still up 48% from three years ago, inquiry is still good, sales are being made every day, good attendance to our open homes and we are meeting lots of people who would love to live in our beautiful town and experience the laid back lifestyle Northland has to offer.

First Home Buyers!

This is a great time for first home buyers, if you have good job security, saved a decent amount for a deposit, are not afraid to get your hands dirty and add some value.  You can wait for your equity to grow, or you can work hard and create your own equity.  We have seen young couples doing homes up and with a minimal capital amount but with a massive personal effort turning a rock into a diamond.  The greatest mistake you can make is to try and start where your parents left off.  There is an old saying “The harder I work, the luckier I get”.  (P.S be nice to your parents they might help you out!)

If you want to find out more about how our unique, high-performance system can help you achieve your property goals please give us a call or pop into our office anytime. We would be glad to show you around and make you a coffee while you are here.

Please Note:

*Greater Kerikeri approximated the Kerikeri High School enrolment zone and includes Waipapa, Doves Bay Peninsula, Inlet Road Peninsula, Kapiro, Waimate North Road and branch roads, Wiroa Rd and branch roads, Pungaere Rd and branch roads,  Puketotara Rd and branch roads, Waipapa West Road and branch roads, Takou Bay.

**We use quarterly moving averages as these mitigate some of the wild monthly variation that occurs when reporting monthly medians on smaller number of sales.