24 Jul Harcourts Market Watch
14 July, 2017
Harcourts CEO Chris Kennedy says sales are also being impacted by the upcoming election, which always affects the market, and the traditional winter slow down.
Despite this, average prices remain steady.
Kennedy says many vendors are still behaving as though the market is at its peak.
“The reality is, the market has cooled and if you reject a good offer today, you may not get the same opportunity again. There is still high demand for property, but buyers are not paying inflated prices.”
Auctions are down by close to 20% nationally.
Kennedy says people have a perception that auction is only the best method of sale in a heated market.
“That’s not true. Even if only one person comes to an auction, they come along having considered the maximum amount they are prepared to pay for a property, and they come ready to buy unconditionally – which is the best kind of buyer.”
Chief Executive Officer
Harcourts New Zealand