Where have all the houses gone?
Alistair over at the Unconditional Blog has just released the May New Zealand Property Report which shows a drop in the number of new listings coming onto the market. Ross Brader from the Professionals notes that there are only 13 houses left for sale in Pt Chevalier and they normal turnover in that suburb is 15 a month.
“In Pt Chevalier right now there are less homes on the market than at any point in the last 6 years yet we currently have 33% more buyers registered than we had in 2008 – 775 currently registered in our system.”
Relating this back to the real world of actually looking for property we are seeing a large number of people looking for homes. The house pictured above is 5 Ryle Street in Freemans Bay, Auckland which had an open home this weekend. When we visited there was literally a traffic jam of people trying to get in and out of the house. I think we have found a window where some sellers are happy to take a realistic price and there are buyers out there willing to pay for quality properties. I still think there are some unrealistic expectations out there and for a real resurgence in the market those will have to come down but things are looking OK for those willing to buy and sell for the right price.