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

 

Early Christmas Present Likely for First Home Buyers

Wellington, 15 November 2019 - First home buyers could be in for a Christmas surprise, following no change in the Official Cash Rate (OCR) by the Reserve Bank and a 13.1% decrease in homes on the market, as reported by the Real Estate Institute (REINZ) this week.

REINZ’s November update reveals sales are down 4% across New Zealand, there were 7,800 fewer listings in the first ten months of 2019 and 13.1% fewer homes available for sale, compared to this time last year.

Joe Wilkes, a property expert advising Tall Poppy Real Estate, believes these figures, combined with the Reserve Bank’s decision to keep the OCR at 1% could benefit first home buyers and investors before the end of the year.

“We believe it’s highly likely there will be a reduction in deposit requirements for investors and first home buyers at the next financial stability report at the end of November, which could be an early Christmas present for people looking to get into the market.

“Decision-makers will be looking at ways we can drive growth in the housing market. While REINZ reports the median house price hitting record highs, the wider industry will be aware of the need to get more houses on the market and lift overall sales,” says Joe Wilkes.

Tall Poppy Real Estate continues to buck national trends, reporting 25% year on year growth in sales during November. Tall Poppy New Plymouth is set to report a record November, despite REINZ figures highlighting 22.8% drop in regional sales last month.

Kim Fever, the Owner of Tall Poppy New Plymouth, estimates their team now gained close to 15% market share in just 12 months.

“November looks set to be our best month ever with record sales, and we’re only halfway through the month. Our team has grown from two to ten in just one year, and we’re expanding into Stratford, which is an amazing first birthday present,” says Kim Fever.

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 over $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. Tall Poppy was a Finalist in the 2019 REINZ Awards in the Large Agency Category.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

NIWA: Scientists Say Methane Emitted By Humans ‘vastly Underestimated’

NIWA researchers have helped unlock information trapped in ancient air samples from Greenland and Antarctica that shows the amount of methane humans are emitting into the atmosphere from fossil fuels has been vastly underestimated... More>>

ALSO:

SMC Expert Reaction: Record Dry Spells And Effects On Forests

With no rain forecast before Sunday, Auckland is about to break a record for the city's longest dry spell. Niwa says Auckland is likely to hit 40 consecutive days without rain this weekend . The upper North Island is seeing severe meterological ... More>>

ALSO:

Reserve Bank: Official Cash Rate Remains At 1.0 Percent

The Monetary Policy Committee has decided to keep the Official Cash Rate (OCR) at 1.0 percent. Employment is at or slightly above its maximum sustainable level while consumer price inflation is close to the 2 percent mid-point of our target range. ... More>>

ALSO:



Science Media Centre: Novel Coronavirus Detected In China – Expert Reaction

The virus was detected after more than 40 people were hospitalised with pneumonia in Wuhan City, China and the outbreak traced to a large animal and seafood market. The Centers for Disease Control and Prevention reports that person-to-person transmission ... More>>

ALSO:

Science Media Centre: Flooding could release toxic gas – Expert Reaction

A chemical substance known as ouvea premix stored at an old paper mill in Mataura could release toxic ammonia gas if it comes in contact with water.More>>

ALSO: