Property Update from Anna Serci-Taylor, Wellington Property Specialist, RE/MAX Leaders
The property market took hits from all sides in 2010 but don’t be surprised to see an improvement over 2011.
Over the last few months there has been a change of scene and the Wellington property market could take on a new direction.
The good news is:
- Houses now cost approximately 7% less than they did at the peak of the boom, three years ago, so the over valuation is less severe
- Secondly, the number of migrants arriving in New Zealand has returned to normal, which should restore demand to parts of the market
- And finally, fixed tem mortgage rates have fallen substantially, further aiding affordability
All this should add up to houses moving slightly faster on the market and prices stabilising rather than falling further.
Over the last few months there has been a change of scene and the Wellington property market could take on a new direction.
The good news is:
- Houses now cost approximately 7% less than they did at the peak of the boom, three years ago, so the over valuation is less severe
- Secondly, the number of migrants arriving in New Zealand has returned to normal, which should restore demand to parts of the market
- And finally, fixed tem mortgage rates have fallen substantially, further aiding affordability
All this should add up to houses moving slightly faster on the market and prices stabilising rather than falling further.
Views: 9
© 2012 Created by Fiona Powell 2.
Powered by
