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Solid Market Predicted to Continue in 2005

Solid Market Predicted to Continue in 2005

Summarising the past year in real estate and the year ahead, CEO of Harcourts New Zealand, Bryan Thomson has predicted in the latest issue of Harcourts MarketWatch newsletter a solid market at existing prices in the first half of 2005 and the suggestion of an upward growth curve in the latter part of the year.

Mr Thomson said, “2004 is soon to become history, however, just prior to signing off and putting suits and ties away for a couple of weeks of relaxation, it is worth pausing to reflect on the year. From a purely statistical point of view, the market across the country saw fewer property sales achieved than last year. However, prices remained solid in almost every case, and in premium areas continued to escalate, although at a slower rate than 2003. Competitive interest rates also contributed to buying confidence.”

He emphasised that, “Many commentators spent the year predicting doom and basing their statements on comparisons against 2003 which was without a doubt, a record year throughout New Zealand. This argument is clearly flawed and these commentators need to reflect on the research they do prior to making such statements throughout 2005 to maintain credibility.”

Looking towards 2005, Mr Thomson noted, “I tend to agree with the more balanced commentators in the market who see a solid real estate market at existing price levels, with premium locations continuing to attract some increases throughout the first half of the year. Later in 2005, with a continued strengthening employment market, I wouldn’t be surprised to see another upward growth curve in the property market.”

In summary, he advised, “If you own one property, buy another. If you already own several, do the same. New Zealand real estate is still the best investment in the world.”

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