North Wellington Property Market update – 23rd March 2011
The median selling price is showing signs of some upward motion as 2011 unfolds. The stats don’t yet show the effects of the second Christchurch earthquake or the Japanese tsunami which has definitely had an impact on optimism and buyer confidence in recent weeks.
The average time it takes to sell a home has dropped. This is a natural trend at this time of the year after longer selling times that typically characterize the holiday season. It may also be a function of more realistic homesellers entering the market or a willingness for vendors to meet the market.
The most outstanding feature of our current market is the subdued level of turnover (number of houses selling on a monthly basis). Both January and February sales volumes were the lowest seen since the early 1990′s. Interestingly, there is not a big build up of property for sale in the market place at present.
SUMMARY
Anecdotally, things are still subdued but the recent lowering of the Official Cash Rate and the beginnings of electioneering prior to the November vote should help to inject more optimism into the house market in coming months.
