There's an election on and it's winter. But it's still not a bad market.
It’s been a while since I’ve looked at the real estate sales in Upper Hutt so I feel we are well overdue to see what’s actually going on out there. I’m finding it frustrating, when reading numerous media outlets, to see that most market comment is again Auckland predominant. What’s happening there is similar to what’s happening around other parts of the country but the doom and gloom being perpetuated there is not what will continue to happen elsewhere.
There are a numerous reasons for the market slowdown, the most obvious being the continuation of the Loan Value Restrictions (LVR). Most (but not all) buyers require a 20% deposit as a minimum, that’s particularly tough on first time buyers, especially those laden with student debt, this of course has led to more investors buying, yes they also require high deposits but are more likely to be able to refinance around their portfolio or go to 2nd and 3rd tier lenders to borrow.
A further issue is the simple fact that it’s winter so we have the usual market slowdown, and of course let’s not forget the general election looming towards us rapidly. (Did anyone notice how peaceful politically it was while the Lions tour and Americas Cup was on? Bliss!)
So returning to the Upper Hutt market, the numbers of sales are down considerably on last year, again, see above, not a surprise! Since January the 1st to June 30th we are running at 421 residential sales, that is 98 sales down on the corresponding period in 2016 but up 49 on 2015.
It’s not a bad market, it’s just not as good as last year and once winter and the election are over followed by the LVR we will see a return to a busier market.
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