Market Update: November 2024

A lot of people are asking, “So, how’s the market doing?”
Right now, things are slowly getting better, with more people looking to buy homes. There’s more interest than before, especially in big cities like Auckland and Wellington. However, most experts think it will take a little time for the market to fully bounce back, rather than a quick recovery.

In places like Kerikeri, there are more houses for sale than there are being sold. So, it’s a bit of a buyer’s market right now. Homes under $1 million are selling faster because there aren’t as many of them, but for homes between $1 million and $1.5 million, there are more choices for buyers, which means they might take a little longer to sell. For houses over $1.5 million, there’s been some good sales, and we’ve had success selling homes for over $2 million.

Looking ahead, things should get even better. More buyers are expected as more immigrants are allowed to buy homes, and interest rates might go down, making it easier for people to borrow money. However, prices won’t go up quickly—it usually takes about 6 to 12 months for prices to catch up with the number of homes being sold.

Right now, the market isn’t too hot or too cold. There are plenty of new homes for sale, and lots of buyers are out there looking. People seem to be taking their time with decisions, so it’s a more relaxed market for both buyers and sellers.

Feel free to come in anytime for a coffee and a chat with any of our team.