Heat goes out of property market
Sunday 24 October 2004
The clock is suddenly ticking more slowly for people trying to sell houses in Marlborough.
By The LandlordProperty vendors are now waiting an average of seven weeks for houses to change hands, considerably longer than the three weeks it took to flick them on earlier this year.
Real estate agents say the lengthier selling times are an indication of the gradual easing in the market which has occurred in the past six months.
Rising interest rates and a slowdown in migration have helped contribute to the levelling off of the booming house market nationwide.
Demand in Marlborough remains relatively steady, however, with the number of properties selling each month continuing at about the 100 mark.
Latest Real Estate Institute of New Zealand (REINZ) figures show prices in Marlborough have slipped to levels seen at the start of the year after spiking to a high of $250,000 in March.
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Commenting is closed
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.
Take note, investors: It is "quite possible" fixed rate mortgages have hit their lowest point in this cycle, according to economists at ASB.