September 17, 2024
In a market that’s been heavily skewed towards buyers for the past few months, many are wondering how much longer they’ll have the upper hand. Tony Alexander, a renowned economist, sheds light on this question in a recent OneRoof article. Let's dive into the key insights and what they mean for prospective property buyers.
The New Zealand property market has been favouring buyers due to a combination of factors: rising interest rates, tighter lending criteria, and increased property listings. These conditions have created opportunities for buyers to negotiate better deals, with many sellers willing to accept lower offers to close the sale. But how long will this scenario last?
According to Alexander, the dynamics are starting to change. As we approach the end of 2024, several indicators suggest that the market may begin to swing back in favour of sellers. First, the Reserve Bank of New Zealand (RBNZ) has hinted that interest rate hikes may soon pause, reducing financial pressure on buyers. Additionally, the supply of new listings is slowing, which could lead to increased competition among buyers.
If you’re considering buying a property, now might be the ideal time. With the potential shift on the horizon, buyers who act quickly could still benefit from the current conditions. Waiting could mean facing stiffer competition, higher prices, and less room for negotiation.
The window of opportunity for buyers to hold the upper hand may not last much longer. Staying informed, prepared, and proactive is key to navigating this evolving market.
Source:
KEY2 Real Estate Ltd
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