The Pulse – 8 Aug 2019

By Craig Smith

Another great Austar auction weekend with 3 out of 5 selling under the hammer and a fourth under offer meaning happy vendors, happy purchasers and happy agents, the perfect trifecta. We currently have 16 agreements signed already for August and well underway for perhaps our best August ever.

Despite the advent of our first true blast of winter weather buyer activity seems to be hotting up. This could be further accelerated should the Reserve Bank cut the Official Cash Rate (OCR) to 1.25%, the lowest ever. This radical move is in an attempt to stimulate inflation and thereby business growth as the NZ economy has entered a period of stagnancy. These lower cash rates will have some effect on mortgage rates though, as much of this money is sourced offshore, there are other factors that determine how low these could go.

Our main issue remains a lack of stock, evinced by the competition between buyers for properties either at auction or via multi offers. A recent sale of ours drew 9 offers from competing buyers and sold for $25,000 over the listed price. With many potential vendors preparing for listing in September/October the message is clear. If you are ready for sale come on now and take advantage of this pre-season rush. Call an Austar professional now.

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