MAY 2023 | MARKET UPDATE

Recent weeks have seen a consistent flow of commentary acknowledging the market is gaining strength.

Taking a closer look at prices the North Shore median sale price declined significantly from July 2022 to March this year, over 18% down.  Since March prices have stabilised with marginal change over the past 3 months.

There is a surge in activity from determined buyers, particularly notable at auctions.  This is supported by easing lending criteria and amplified with the current restricted levels of available listings.

This stabilisation of prices, along with increasing auction success rates and the reserve banks assertion that the OCR has now peaked are all assisting in providing reassurance for kiwi’s (and a growing number of migrants) to have confidence in the market moving forward.

As confidence rebuilds the market will continue to navigate some headwinds provided by traditional Winter trading volumes and the upcoming election in October.

As we move past the shortest day of the year, it is glaringly apparent that brighter days are ahead for the property market.