Upper Clutha property market booming
Posted at 6:36am Thursday 05 Nov, 2020 | By Ollie Blyth email@example.com
After a fair amount of uncertainty around the property market this year, sales have dramatically increased across the country.
This is certainly being seen in the Upper Clutha area, according to local real estate agents.
In September, a record number of properties were sold, and this post lockdown change in the market was expected to carry through well into 2021.
Lynette Winsloe from First National Real Estate said that the “market has grown stronger as each month has passed. September saw double the dollar value and double number of sales compared to September last year.”
This shift, Winsloe said, could be attributed to a range of factors, “A lot of factors have combined to give confidence to purchasers [for example] low interest rates, removal of the loan-to-value ratios, a stable government situation, and an expectation prior to the election that Labour would continue to rule, fear of missing out, and general confidence in the market.
“When we were originally put into lockdown, everyone expected the market to drop. Although we experienced a slowdown in March and April, everything picked up quickly when we started to return to normal.
“Prices didn't drop and all those people who were waiting for a bargain have had to get cracking and for some this could be too late. There is a fear of missing out amongst buyers and this is creating a sense of urgency.”
Hannah Walker from proppy.co.nz added that a significant amount of buyers were Kiwis returning from overseas, as was seen a few months ago,
“We have had an influx of buyer enquiries from expats living abroad – Vietnam, Melbourne, Singapore, London – and all wanting to come home. For good quality homes there is a high demand at the moment…
“Interest rates are also at an all time low which is encouraging people to invest and park their money in property.”
Buyers are advised that this interesting period will draw to a close sometime in 2021.
Walker added that, “Bank mortgage holidays and interest only deferral periods [are] possibly coming to an end by April 2021 we possibly will see levels of stock increase in the Upper Clutha market then. So now is a great time to sell if you are thinking of cashing in while the market is hot.”
Read edition 999 of the Wānaka Sun here.