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As Spring Approaches what will the Property Market Bring The real estate landscape in Lower Hutt as Spring approaches is experiencing…

July's winter chill has brought about a notable shift in the Lower Hutt property market. Listing stock has dipped by 29% compared to the same time last year, yet a surge in enthusiastic first home buyers on the lookout for their ideal starter home has emerged.

Property markets move in cycles, ups and downs, ebbs and flows, and the commentary says we are approaching the peak of interest rates, and my internal radar says we are at the bottom of house values

Median house prices across the country continue to drop, with the median sale price in Lower Hutt for December 2022 to February 2023 sitting at $750,000, a decrease of 17% compared to a year ago.

When our property market is in the doldrums it is hard to see how things will change, but if history repeats itself as it has for over a century, prices could go through the roof in the 2030s, and maybe sooner.

At risk of sounding like a know it all, I will say, “I have seen it all before”. Yes, what we are experiencing in this market has happened before, not once but many times. This is how it plays out –

The most positive news for the real estate market this year was last week’s announcement of a fast-track pathway to New Zealand residency.

Over the past few years, the real estate market has primarily favoured the seller. If you were thinking about selling, you could easily find real estate agents who were willing to work with you for practically nothing to secure your listing and sell your home.

Professionals Group recently held the Annual National Sales Awards in Auckland where agents around the country came together to celebrate the success and achievements of the past year;

...since then, interest rates have climbed, and prices have fallen.