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Auckland Apartment Report – December 2023

By Daniel Horrobin

Positivity is the word on the street

“Positivity is the word on the street,” says Director of City Realty Group, Daniel Horrobin.

“There is a wide-ranging optimism, which is not confined to the property market but which, by extension, affects property decisions,” adds Daniel.

“As an example, in the first three weeks of November there was a 6% increase on the number of central city properties listed for sale, compared to the number for sale at the start of that month, on a prominent property website.”

REINZ Chief Executive Jen Baird says: “The increasing number of listings coming to market is showing a slow, but marked, improvement to the past year and a renewed confidence from vendors looking to sell, with more certainty now the election is behind us. While details of the new Government are still being discussed amongst coalition partners, many vendors and buyers are showing confidence that it’s a better time to sell now and a good time to buy. The signs are there for an improving market.”

While new Government policy has driven a renewed confidence from investors, first home buyers have also been busy. New data from CoreLogic shows that first home buyers are now responsible for a record share of property purchases, 27% in the third quarter of this year.

CoreLogic chief property economist Kelvin Davidson said first home buyers were finding a way into the market despite challenges.

“Whether it’s using the low-deposit lending speed limits at the banks, tapping their KiwiSaver to help with their deposit, securing First Home Grants or First Home Loans, or compromising on the size or location of their home, first-home buyers are proving relatively more successful in buying their first home than at any other time,” Davidson said.

Daniel says: “It is interesting to note that although our apartment market has seen an increase in first home buyer activity, there are extensive untapped opportunities for first home buyers in our apartment market.

“We strongly recommend first home buyers engage a mortgage broker specialist beforehand, such as Loan Market, not only to fully understand the options and resources available, but so you are ready to act when the right property pops up.”

Back in the sales room, Daniel reports a busy end to the year.

“Our Listings and Sales Boards are reflecting a very robust end to 2023 as we look forward to 22 auctions booked for our last two auction days for December, on Thursday 14th and Thursday 21st of December. 

“This all bodes well for a vigorous start to 2024. Our first 2024 auction day will be on Thursday 18th January.” 

An interesting statistic has emerged which is a reflection of the complexities of our market. “Of the leasehold properties we listed this year, 90% have been sold. Of the properties listed in buildings facing remedial challenges, 94% have been sold,” Daniel says.

On the rental front, record immigration this year is keeping upward pressure on rents.

“More tidy properties are attracting premium income and competitive, well qualified interest.

It certainly pays to invest in presentation,” says Daniel.

“The first quarter of 2024 will certainly be interesting – and busy,” predicts Daniel.

“Although our city apartment auctions will take a short hiatus over the festive break, Ray White agents will be on hand, so we encourage you to contact them should you have any property queries.” 

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