Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Low Winter Listings Could Put a Spring Back in the Market


Wellington, Tuesday 17 September - A drop in property sales and house listings during the last month of winter points to a slower housing market, however, there are still plenty of opportunities for buyers and sellers to make the most of market conditions.

REINZ reports nationwide a 6.1% drop in sales and 3,624 fewer properties on the market during August, compared to the same time last year. These figures follow the lowest number of new listings of any consecutive three months since records began in 2007.

Sam McIntyre, Co-Owner of Tall Poppy Real Estate, says the next few months are key.

“Spring is usually our busiest time of year and there are signs more properties will be on the market. Recent reductions in the Official Cash Rate (OCR) and relaxation of deposit requirements opens the door to more first home buyers, who don’t need to sell a property before purchasing. With fewer homes available to buy, they could drive purchases between now and the end of the year,” says Sam McIntyre.

Joe Wilke, a property expert advising Tall Poppy, says it’s important to look at how the regions respond to changes happening in Auckland.

“When comparing sales volumes in August 2015 (the peak year for volume of sales) to August 2019, Auckland has seen a fairly significant drop-off in the number of transactions. This is particularly noticeable at the upper end of the market. It was anticipated this would happen - but what will be interesting to see is whether it impacts the amount of money flowing to the regions, so far they’ve remained fairly insulated. How buyers and sellers respond during spring will be a good indication of things to come.

“The cut in the OCR will have surprised some but could signal a period of opportunity. If you’re in the market, a relationship with a knowledgeable agent will be vital to making the most of current conditions,” says Joe Wilkes.

Tall Poppy is a New Zealand Real Estate Agency, headquartered on the Kāpiti Coast, north of Wellington. Founded in 2012, it operates throughout New Zealand and has saved New Zealanders more than $35 million in fees. It is working to create a fairer real estate industry for all Kiwis and prides itself in being an active member of the communities in which it operates. It plans to be available in all regions of New Zealand by the end of 2020.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Transport: International Arrivals In May Lowest In 61 Years

The number of people that arrived in New Zealand in May 2020 was the lowest for any month since May 1959, because of COVID-19-related border and travel restrictions, Stats NZ said today. There were 5,600 arrivals in May 2020 compared with 4,700 in ... More>>

ALSO:

It’s All In The Genomes: New Study Reveals Scale Of Havelock North Campylobacteriosis Outbreak

When the campylobacteria outbreak hit Havelock North in 2016, no-one fully understood how widely it affected the local communities. Gene-sequencing technology used by scientists has shown the true scale of the outbreak. The joint study from ESR, Massey ... More>>

ALSO:

Tiwai Point: Rio Tinto Announces Plans To Close Tiwai Point Smelter

Rio Tinto has just announced that it will wind down New Zealand Aluminium Smelters - the Tiwai Point smelter - saying the business is no longer viable. More>>

ALSO:

Freight: New Report On Auckland Port Relocation

The Government has released a major new report on the options for relocating the Port of Auckland’s freight operations while deferring any decision on the issue. More>>

ALSO:

Energy Sector: Meridian Spilled Water To Hike Electricity Prices - Authority Ruling

The Electricity Authority has found that generator Meridian Energy manipulated the power market, costing consumers about $80 million. More>>

ALSO:

XE Data Update: RBNZ Official Cash Rate Decision

The RBNZ will keep the Official Cash Rate (OCR) at 0.25%. T he key points in the RBNZ statement are: RBNZ keeps the OCR unchanged at 0.25% Maintain the LSAP (large scale asset purchase) at NZD$60 billion. Committee prepared to use additional monetary ... More>>

ALSO:

Electricity: Kiwis Ignore Promise Of Cheaper Power

Electric Kiwi and Flick Electric Co are joint winners of Canstar Blue’s award for Most Satisfied Customers | Electricity Providers From putting on an extra layer – rather than turning on a heater – to turning off lights and choosing the energy-saving ... More>>

ALSO:


ASB: Regional Economic Scoreboard Q1 2020

ASB NZ Regional Economic Scoreboard Gisborne still the place to be It has been Gisborne’s year, and the region comes out tops on our regional rankings for the fourth successive quarter. Like everywhere, question marks are about the COVID-19 impact on the future. ... More>>

RNZ: Economic Activity And Business Confidence Bouncing Back

Two surveys from ANZ show business confidence and economic activity have rebounded, but uncertainty about the future remains extreme. More>>

ALSO:

NIWA: The Climate Record That Keeps Getting Broken

Among the multitude of New Zealand climate statistics there is one record that continues to be broken month after month. Since January 2017 there has not been one month that recorded a below average nationwide temperature, according to NIWA’s seven station ... More>>

ALSO:

Govt: Extended Loan Scheme Keeps Business Afloat

Small businesses are getting greater certainty about access to finance with an extension to the interest-free cashflow loan scheme to the end of the year. The Small Business Cashflow Loan Scheme has already been extended once, to 24 July. Revenue and Small ... More>>

ALSO:

Science: 2019 Prime Minister’s Science Prizes Announced

The 2019 Prime Minister’s Science Prizes have been announced in a digital livestream event today. The Prizes recognise the impact of science on New Zealanders’ lives, celebrate the achievements of current scientists and encourage scientists of the ... More>>

ALSO:

Stardome Observatory: Young Kiwi Astro-Photographer Shoots For The Stars

Matariki by Josh Kirkley. The stars are aligning for up-and-coming Auckland-based astro-photographer Josh Kirkley (Kāi Tahu). During lockdown, one of his images was picked up by NASA and shared on the space agency’s Instagram to its 59.2 million ... More>>


DCANZ: Time For EU To Commit To A Level Playing Field For Trade

The Dairy Companies Association of New Zealand (DCANZ) has welcomed New Zealand Trade Minister David Parker’s statement that it is unacceptable for New Zealand exporters to continue facing an ‘unlevel playing field’ in the EU. Details leaked ... More>>

ALSO:

New Zealand Government: Supporting Kiwi Businesses To Resolve Rent Disputes

The Government will legislate to ensure businesses that suffered as a result of the COVID-19 response will get help to resolve disputes over commercial rent issues, Justice Minister Andrew Little announced today. More>>

ALSO: