Majority of home sellers are making a profit in these areas
CoreLogic found that most resales made a profit, even though there was an increase in the number of properties sold at a loss in the last three months of last year.
CoreLogic chief property economist Kelvin Davidson said properties that were held for a long time were likely to sell at a profit, even in suburbs where prices have declined recently. The median hold period of Wainuiomata properties sold was 15 years, compared to the national median of 8.2 years.
Davidson said the analysis only measured resales, so there could be people sitting on paper losses in the suburbs listed.
Ray White Town & Lifestyle group manager Nick Hallpike said there was still strong demand for well-priced and well-presented homes in Rolleston and Halswell, and that sellers were taking advice and adjusting their prices to meet the current market.
Ray White Tauranga director Rodney Fong said demand was strong for property based on 2023 pricing, and prices had come back in Mount Maunganui and Papamoa since the market peak, but appeared to be settling.
My thoughts:
Sit tight and hold on to your investment properties. History has proven holding power is more powerful that trying to time the market.
