Investors and first home buyers alike are feeling the price pressure, as the Real Estate Institute of New Zealand presents us with the fact that median house price records all over the country have been smashed.
The New Zealand real estate market can be a bit sluggish to take off after the summer holidays, but it looks like supply is back in full swing, with the biggest property listings since 2013 emerging in Auckland.
Everyone loves a bit of healthy competition - unless it's in the housing market.
In the Auckland region we have a shortage of properties for sale, high immigration, and money coming in from China. All of these factors along with low interest rates and increased rating valuations will fuel further house price appreciation through the first half of 2015.
It looks like the Auckland property market is going to build up another head of steam in 2015. There is confidence in the air. We got through the election unscathed. However, the main catalyst is the prospect of lower interest rates.
I witnessed a transaction recently that sums up the Auckland property market.
The property market is well recognised as having distinct cycles. However, I think there is also a kind of wave-like nature to property markets.
The short answer is yes. However as ever something as significant and life-changing should not be acted upon based on one piece of advice without a good degree of supporting facts.
We had a Monty Python moment this week with the first OCR change in almost four years.
From what I see, the market is softening quickly. Listings are up, auction clearance rates are down, the "bullish" stories are not as fervent.
2013 looks like it is shaping up to be another big year for Auckland property. Prices look like they could go higher in the growth suburbs, fuelled by the media, general population growth, and lots of investors late to the party.
Lenders are becoming smarter when it comes to credit policy and this is set to benefit investors and first home buyers.