Before COVID-19 hit our shores, the property market was in a strong period of growth. For several months record median sale prices were seen right across the country. Figures released for March continue those trends. The trading activity leading up to lockdown and the momentum that’s carried forward, has meant there have been continued sales. There’s also been high levels of enquiry.
However as we emerge from lockdown it’s likely to be very different. Clearing the backlog of property settlements will be the immediate activity. Going forward, there will be challenges for some home owners who face difficult situations. While prices are predicted to dip, the long term forecast is a recovery in 2021.
It’s important to remember that property in more than just an investment. It’s about creating a home for our loved ones and a place where we share moments and create memories. We’re fortunate in our country to have a strong underlying economic base that will ensure home ownership will endure for many years to come, despite these difficult times.
As as agent who has been in the business for 25 years, I have worked with many clients through some difficult market conditions. If you would like some assistance or support for mapping out a strategy to get you through, give me a call. Naturally any matters we discuss will be held in the strictest of confidence.
Here’s the activity for March 2020.
For Tauranga City the median of $735,000 was the same as February and up 8.1% on the same period 12 months ago. As expected sales were down on the previous month and on March 2019.
In the greater BOP Region medians lifted overall. Whakatane spiked with a 25% increase. There were fewer sales under $500,000 and generally properties sold quicker. Take a look at the detailed reports.
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