With just 84 sales for the first month of 2021, this must be one of the lowest ever recorded months. The corresponding time last year saw 105 sales. This could be a reflection of the somewhat extended holiday period with most families only returning from the break around mid-January, leaving only a couple of weeks left for the month.
Our January median sale price took a big jump up to $618,000, a rise of over 12% based on last year’s figure of $548,000 and in comparison, to the median for December 2020 of $589,000.
Days to sell for the month pushed out to 30, again a possible reflection from the extended Dec/Jan holiday period.
Currently on realestate.co.nz there are 270 homes and sections advertised for sale. Since late January we have seen bigger turnouts at our open homes and the continuation of multiple offers on many properties.
New tenancy laws came into effect on February 11th this year, with several changes it will be interesting to see how landlords and tenants react. We say watch this space as things play out around the changes.
Major lenders while lowering interest rates to a low of 2.29% for a year also have/are implementing new restrictions around the LVR and changing requirements for deposits. Remember to get in early with your preferred lender, we have noted that some lenders are backlogged with applications so the timeline for finance to be confirmed is starting to stretch out.
As always if you are thinking anything about real estate give us a call here at Cutlers, we would love to help whether it is advice or more options for going to the market. It is a fantastic time to sell.