In 20 years Ive seldom seen so little for sale! Far from a flood of pressured sellers, predicted 6 months ago by the gloom merchants ( ie most of the media) buyers are frustrated at how little choic they have, & there is a reasonable degree of competition for what there is. We have had 5 to 10 tenders on some properties recently sold.
I guess low interest rates help keep owners from distress. That with the fact that in Wellington rents are firm. Winter is slightly weaker as usual, but there is no sign of falling rents to match lower economic times.
Build costs are still stratospheric, underpinning values.
Immigration looks to be stonger, also firming the market.
Banks are keener to loan than 6 months ago, encouraging buyers.
And there is now a thought this is as bad as it will get, so why sell now?
Note: my analysis of the time to buy & sell has not changed: Do the opposite of whatever is the advice of the Listener & Sunday papers & you will be on the right track! The issue is at the moment...do they think its a good or bad time to sell or buy? I cant tell.
