After the fluctuation of shifting rate and housing prices, this market needs a push, as sales of luxurious countryside homes just gone into extreme quietness.
Most properties have been listed in the market for too long while experiencing few or none response, with very limited number of appointments for viewing. As proofed by the fact that properties with listing price between 1.5 – 2.5M NZD suffers from slow sales.
As per Oneroof’s report on Auckland housing market ending March 2019, most of the publication do not support the growth of sales for properties valued in the range above. Properties valued below 1.5M NZD survived from coldness, but those more expensive ones are struggling.
Houses in the higher price bands in Auckland have not been selling in the numbers they used to, and that hole has dragged down the median price in many central Auckland suburbs.
The number of buyers able to afford home in the top end of the market is much smaller. A year ago, 7 per cent of all sales in Auckland came in at $2 million and above. That’s dropped to 4 per cent now.
Tighter controls on lending, uncertainty around tax changes and the foreign ban have all contributed to that drop-off.
The suburbs that have tended to do better have more affordable stock have, and the increase in first-home buyer activity would suggest that’s where the action is.
The reluctance of the sales of properties from 1.5 – 2.5M NZD also triggered the fall of the countryside luxurious assets priced between 2.5 – 5M NZD, which were affected negatively and were sitting in a chill market too long before receiving a response in the past 8 months.
It doesn’t mean that no sales at all, some of these luxurious properties in the country area had been sold, but most of the sales could be considered as “forced sales”, leaving vendors frustration and panic.
Mars Luxury Property Listings
187 Okura River Road
Click to view 187 Okura River Road, Okura
5a The Prom
Click to view 5a The Prom
51 Kowhai Road
Click to view 51 Kowhai Road
35 Russel Road
Click to view 35 Russel Road
*This Blog/Web Site is made available by the realtor or real estate office publisher for educational and informative purposes only as well as to give you general information and a general understanding of the property market, not to provide specific property advise advice. By using this blog site you understand that there is no realtor client relationship between you and the Blog/Web Site publisher. The Blog/Web Site should not be used as a substitute for competent legal advice from a licensed professional real estate agent.