May Market Report

01 May 2020, Chris Kennedy

May Market Report
The Real Estate Institute of New Zealand has just released their latest sales data for the month of May. As you would expect the results reflect the very unusual times the world and New Zealand find themselves in.
When I look at Harcourts gold figures for the first weeks of June there was excellent activity happening despite winter traditionally being a quieter time for property sales. This level of activity is reassuring for owners with their properties on the market and supported by strong open home attendance numbers. Will this continue? Or will this reduce? No one really knows, as there is still considerable variables at play in our economy.
Currently our company has been collating data on our own market activity sine lockdown and our results confirm strong buyer and open home enquiry. The attached diagram shows last weeks market activity where we also had four brought forward auctions adding to the sense of urgency some buyers are feeling.
There has also been a huge amount of interest from people overseas in New Zealand property and online activity from expatriates is particularly strong. An example of this is the sale of one of our properties for a figure in excess of three million.
It seems one of the keys in my view is providing certainty in uncertain times, and this drives momentum.
In conclusion, as the team at Harcourts gold navigate the ‘Next Normal’, they continue to bring exceptional property to the market.
If you would like to discuss property, either buying or selling, please contact me.