Gazing into the future
Welcome to the year of the rooster, 365 days which promise to be just like it's namesake - brash, bold and above all things interesting, says Bayleys Real Estate General Manager Johnny Sinclair.
As we enter the seventh year of sustained economic growth, market predictors, estate agents, politicians and fortune tellers are all scrambling to answer the question lingering on everyone’s lips – how much longer will it all last?
Last year we saw the residential property market propelled to new heights as the national median sale price reached a record $520,000, with all 12 regions across New Zealand also breaking previous records.
This unprecedented momentum which carried the property sector for twelve months was thanks mostly to three fundamental factors – strong migration, pressure on supply and historically low interest rates.
Kicking off the new year we can see strength in these relationships with recent data from the Real Estate Institute of New Zealand (REINZ) suggesting this is enough to keep the market buoyant for the foreseeable future.
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