July Market Update

August 1, 2022

We have continued to see low stock levels through July with very few quality family homes in particular coming to market. It will be interesting to watch if we see if a higher than usual volume of properties hit the market in Spring and what that will mean for vendors as buyers will potentially have more choice than usual. While the media would have you believe prices have fallen dramatically, we are seeing a patchy market with A and B grade property still performing well.

Due to the unpredictable nature of building costs at the moment we have continued to see a strong leaning towards properties which are require no or minimal work to be done. We have seen strong demand at auctions for renovated family homes or new builds in particular.

Interest rates remain a front of mind concern for many buyers with many still saying they are waiting to see what outcomes we will see in the coming months. Inflation has hit a 32 year high at 6.1% for the June quarter. However our inflation is still relatively low when compared to neighbor New Zealand at 7.3% and the UK and US which are sitting around 9.1% and 9.4%. We have heard from many people that they are sitting back to wait and see what will play out in the market, but we are seeing many of our long term, savvy investors in particular buying up while there is less competition in the market. As we know, it is not about timing the market, but time in the market.

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