Prices are very stable, and in some cases rising.
It seems a while since I last looked at the sales stats in Upper Hutt so for those of you curious to see what’s happening, I hope this helps.
As I’ve previously said we will have considerably fewer sales in 2017 compared with last year's total of 976 residential dwellings. This is partly down to the Loan Value Restrictions (LVR) placed on the banks by the Reserve Bank, the fact that it’s still winter and of course the looming election, three separate things that will affect any property market and we have all 3 at the same time.
What this means is that to the end of July there have been 481 sales compared with 612 in 2016 a drop of 131 sales. Still, it’s better than the 451 sales of 2015. In theory this is the kind of market where prices should drop but that’s not happening. Prices are very stable, and in some cases rising. This is caused by having a historically low level of listings and people are reluctant to sell as they are aware that they may not be able to find another home.
As agents we are hearing that the LVR will be relaxed and the banks may start lending again to buyers with a 10% deposit but that’s not the case at the moment. If we look back to 2013/14 when the first LVRs were imposed we didn’t see a relaxation until October 2014. This year, that will be a month after the election.
My thoughts are that the market will remain stable until then and accelerate after that.
The forecast for the next 3 years is a net gain on migration of 70,000 people per annum. Well, they are going to need somewhere to live…
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