March 2020 - What's happening in the property market?

The forecast for 2020 is that house prices could rise by 5% in Auckland, with the banks also being more willing to give out home loans helping to boost prices.

 The summer period always shows a higher number of properties coming onto the market, with February listings showing an increase. This latest increase  appears to be due to stronger market conditions and the lower mortgage rates that came in at the end of last year. Worries about the effects of Coronavirus don’t appear to be affecting the property market yet.

 Although there has seen an increase in property listings the average asking prices are also on the rise, however housing stock for sale is still tight.

The latest Auckland sales figures are looking good for March, usually the busiest sales month of the year – will be interesting to see whether Coronavirus fears have an effect on the market…watch this space…

Auckland’s first home buyers can benefit from the recent fall in interest rates, however Kiwisaver schemes need to be watched carefully in the current volatile market.