REINZ Press Realease

With the latest REINZ Residential press realese announced yesterday the 12 October 2017 what are the highlights in my opionion for the Hawkes Bay?

• Median Hawkes Bay Rice up 18.3% to $392,000
• Nationally sales are down 26.2% year on year September the lowest in 6 years
• Time to sell is now at 28 days for Hawkes Bay
• National decrease of 54% in the number of property sold by Auction. 
• Just 14.9% of sales are now by Auction.
• 9.5% decrease in listings nationally (excluding Auckland)

Please find attached the full press realease for your reading.

My interpretation is that we continue to see a decrease in the number of properties on the market and fewer cash buyers comming out of the Auckland market. There will be an increase in the number of conditional sales. Hawkes Bay property owners are more likely to hold onto their homes untill they find that perfect next home. 
Prices may continue to increase with less demand for nice homes. Competition between agents will increase fighting for market share, this might lead to more aggresive fee structure and or a decrease in sales people finding it harder to make a living.

Margins will be tighter on all parties involved in the transaction as a listed property is still likely to sell within a timeframe of 28 days. Harder for vendors to buy in the same market so every penny counts leading to more private sales or agents with lower fees.

On a positive end we now have a competitive fee structure for Super Gold card holders. email me here to find out more or call me anytime 06 845 9202.

Have a good weekend.

​Ben

reinz_residential_press_release_-_september_2017.pdf
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