06 November 2024
Since the Reserve Bank announced a further reduction of 0.5% in the Official Cash Rate, on 9 October 2024, I seem to be noticing a lot of real estate sales signs with sold stickers on them. I’m not sure whether the market is responding positively to the news of the OCR drop. It’s too early to tell. We will be in a better position to report what’s happening in the market, once the statistics from October are in. But my feeling is that things are looking up for property owners.
The photo below represents that optimism for Aucklanders. Avinash from First Realty took this photo last week when he was out and about. Drop me a line if you liked it. You can reach me at 021703567.
Market sentients in a positive place
As per the latest REINZ 2024 property report, the data shows a 5.4% decrease in the Auckland median sale price, and a 11.8% decrease in the sales count compared to the same period last year. Compared to the previous month, the Median Price is up 2.1%. REINZ reports that market sentiments have moved to a more positive place, which has contributed to a confidence boost for first-home buyers and investors.
To view the full REINZ report, click here.
Auckland median sale price movement over last 5 years
Graph is based on statistical data published by REINZ.
Property Investor Insights September 2024
Economist Tony Alexander shares his insights in his latest Property Investor report, which compiles the response he has received from 348 property investors. The results show the following:
1. A record net 22% of investors have said that it is difficult to find good tenants. A year ago, a net 24% said it was easy.
2. Very few investors thinking about purchasing a property are considering developing a project themselves.
3. Plans for raising rents continue to decline.
4. Bank credit is however perceived as becoming more readily available.
You can read the full report here.
For Rent
237 Sturges Road, Henderson, Waitakere City, Auckland 0612
$650 Per Week
3 Beds, 2 Bath
