For those of you wondering how the current property market is, here are the Key insights from the Real Estate NZ property report for MAY:
All-time average asking price highs in seven regions suggests that most vendors are still expecting high prices for their properties post lockdown.
Nationally 8,324 new property listings hit the market in May, down 12.0% compared to the same time last year.
Total housing stock decreased by 19.1% on May 2019 to 20,940 homes available on the market.
“May 2020 saw 1.2 million users visit www.realestate.co.nz... conducting over 9.1 million property searches, surpassing the 1.1 million users that visited the site in February 2020. Plus, we also saw the average session duration up last month by 30.0% to 8:29 minutes - two minutes higher than in February,” says Vanessa Taylor, spokesperson for realestate.co.nz.
So.... with buyers searching for new homes, and a limited amount of stock for them to choose from, if you have been thinking about downsizing your rental investment portfolio to free up some cash now could be a good time!
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