Housing market recovery at play?
The housing market downturn could be nearing its end, with sales volumes and listing numbers beginning to improve. Prices continued to fall, but the annual decline is now 10.5%.
Davidson said would-be vendors were choosing to wait and see how long a sale might take and what sale price might be achieved.
In March, there were 36,172 homes on the market nationwide, well above the five-year average of 30,803. Davidson said the downturn may end in the second half of 2023, with employment levels high and net migration rising.
The Real Estate Institute's figures showed 5877 sales nationwide last month, the highest number in a month since last March. The days to sell eased from 53 to 49, and sales activity lifted 2.5%.
The lift in sales activity in March was evident across much of the country, suggesting that it was more than a post-cyclone bounce, but the market was still set for a 25% peak-to-trough fall in house prices, according to Kiwibank chief economist Jarrod Kerr.
My Thoughts:
Numbers are improving nationwide in favor of a housing market recover. Seasoned investor would tell you that “Time in the market” and not timing the market is what would make you money in property in the long run. If you have not yet entered, having an opportunity to invest now just gave you an added bonus.
