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Market Comment – June 2019

By Daniel Horrobin

Confidence grows in Auckland’s apartment market with positive activity – rwcityapartments.co.nz

It’s no secret; the Auckland property market has been slow getting off the ground in 2019 compared to 2017 and 2018. But confidence is growing, and in May alone, our team completed an encouraging increase in the number of sales when compared to last month.

Apartment owners have taken note also, and in pursuit of capitalising on the current activity, we saw an increased number of new listings coming online throughout the month.

The gap between buyers’ and sellers’ expectations remains as listings are still taking longer to sell. But auctions are proving to be an integral part of getting buyers to commit. And, with good competition in our auction rooms and steady numbers to date, auctions are remaining the recommended sales strategy if you’re looking to secure success either under the hammer or post bidding.

With regards to lending, banks remain cautious and are taking longer to assess people’s ability to borrow and service loans. In addition to deposit size and household income, buyers’ spending habits are also becoming part of the lending process. So, our Loan Market Brokers have been getting involved at an earlier stage to help purchasers who haven’t been able to get bank approval secure their dream property – a wise move with the current lending challenges.

Keep an eye for our exciting Apartment Collective, here we have a selection of 20 inner City Apartments going up for auction on the 20th of June. The Apartment Collective is a high energy atmosphere offering a collection of apartments being Auctioned in the same location. Don’t miss your chance to bid!

If you’re looking to buy or invest in Auckland’s city apartment market, our team of experts are just a phone call away. Rated the No.4 Ray White office in the world and the No. 2 Ray White office in New Zealand for 2018, we can help you achieve your goals. Get in touch today.

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