Homes Selling Fast in Red-Hot Property Market
New Plymouth, Bay of Plenty and Canterbury are driving record sales volumes and quick sales, as national stats reveal January 2020 was the busiest in four years.
REINZ sales figures for January 2020 were up 3.2% compared to 2019. Many areas also reported record median prices – Taranaki’s was $420,000, up 9.1% from last year. The region also reported the lowest days to sell in January since records began.
Kim Fever, Owner of Tall Poppy New Plymouth, says Taranaki is one of the most stable markets in New Zealand, and homes sell fast.
Demand is consistently high; currently, we’re selling most of our properties within two weeks of launching them – Kim Fever
“We were listing and selling homes right throughout the holiday season in December and January and predict the next few months will be equally busy”.
Tall Poppy’s national sales were up 137% in January 2020 compared to January 2019.
Joe Wilkes, General Manager of Tall Poppy, says 2020 is shaping up to be an interesting year for the Kiwi property market.
“We have the Election coming up in September, the Official Cash Rate remains at 1%, and banks are offering mortgage sweeteners alongside record building consents. It was interesting to hear Simon Bridges talk about relaxing the foreign buyer ban if National was re-elected.
“What we’d ask is does that mean our market is dependent on foreign money? Previously, National has suggested that is wasn’t an influence, but If it wasn’t, why would they bring it up as policy now?
“For us, we’re concentrating on growing our footprint in regional New Zealand - most recently launching in Taupo. In places like Taranaki and Tauranga, we're bringing even more properties to market - people are incredibly receptive to our new marketing offer launched earlier this month.
“With offer, sellers receive comprehensive, digital marketing for their property which is funded up front by our business, without the need for sellers to dip into their savings to pay for marketing just to get their house on the market - we are the first national Real Estate Company to offer this to all Kiwis selling their homes”
Despite changing market conditions, we’re expecting to see our sales to continue to outpace national growth rates for the rest of 2020 - Joe Wilkes.
You can find out more about our new marketing offer here.