So Where is this Market Really At?
17 Nov 2015
Taking a well earned breather from a year or two of stellar growth, which of course was unsustainable.
Is the market going to drop noticeably? I doubt it very much as we are still playing catch up with housing construction and immigration is still at record levels - especially in the Auckland area.
As banks don't like a decrease in property transactions I feel this may lead to some very competitive mortgage deals leading into the New Year.
So what about the Chinese influence? Yes, Chinese buyers relying on their Chinese domiciled money to buy here are now on the sideline for the time being. Those with money here already are still active, especially with regards to land purchases. However, like everyone, there is a limit as to what they will pay.
At KEY2 we are happy to see this slow down as it will provide for more sustained and realistic growth through next year. So in the meantime, relax and enjoy the summer. We are still in one of the best property markets in the world.