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Napier and Dunedin experienced the fastest growth, with prices rising 3% during the quarter
The New Zealand real estate sector faces challenges in managing expectations sellers on selling prices.
data, which show that New Zealand's values fell by 0.3 percent over the last three months to reach a national average value of $ 675,680. Values declined during the quarter in five regions
In the middle of last year, national values rose 1.2% in the same three months.
The fastest growth was Napier and Dunedin, where prices rose 3% in the quarter and the biggest slowdown was observed in Tauranga, where values fell 0.9%. On an annual basis, Dunedin recorded the largest growth in core centers, up 9.2%
followed by Wellington, up 4.8% in June 2017.
David Nagel, General Manager of QV long period of value growth, some sellers had an inflated or unrealistic vision of the value of their properties.
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"This results in an average time slower than usual for selling properties in some areas."
market in some respects. Loan restrictions have weakened investor demand and reduced competition for properties, so buyers have had the time to exercise due diligence.
"As a result, regions like Auckland are seeing more and more Sellers are showing more flexibility to sell their property in a less buoyant market."
Martin Dunn, of City Sales real estate agency, stated that he was facing a challenge in meeting the expectations of the sellers. QV Auckland's senior advisor, James Steele, said that there was always a period after a market change where it took time for sellers' expectations to adjust. But he said that as the unemployment rate was still low and the economy was strong, there was hardly any reason to force the hand of the sellers.
He said the houses were well presented, sought after. the estates, were still selling well – but were not getting the price premium that they could have in 2016.
GRAHAME COX / STUFF
Martin Dunn met sellers with unrealistic expectations of what their properties could sell.
The economist Gareth Kiernan, of Infometrics, agreed that sellers could pull their properties off the market rather than selling them at a price that was the way they wanted. "Sales volumes have been fairly stable over the last six to twelve months."
Nagel said that there was a lot of activity in the national real estate market.
"A good example of this is in Christchurch, where the improvements the city seems to be contributing to the demand for new construction in the CBD. With many positive city projects underway, we could continue to see increased demand for downtown goods in the coming months. "
" The growth of suburbs on the outskirts of our main cities continues.With high values remaining in most of our cities, more affordable suburbs on the outskirts continue to entice especially first time home buyers.It's a common theme across Auckland, Tauranga and Wellington in particular. "
A real estate agent who did not want to be identified said more sellers were opting for private sales, and faced challenges in finding a buyer willing to pay what they wanted.
– Practical Information
