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Auckland Apartment Report – March 2024

By Ila Maran

A Collective Sigh Of Relief

The OCR survived unchanged following the latest review.  

Director of City Realty Group, Daniel Horrobin says: “The last thing we need is another bump in the road as activity in the property market picks up speed.”

Our mortgage adviser Jamie Maclennan from Loan Market comments: “On February 28th the Reserve Bank made the first Official Cash Rate announcement for 2024 and to many it will come as a relief that they left the OCR on hold for the fifth consecutive time.  Thankfully, the Reserve Bank has taken into account that our data is up to three  months old and taking note that inflation and other key indicators are easing in other parts of the world.” 

“We also believe the announcement from the Reserve Bank that they will be introducing DTI’s (debt to income ratios) by mid 2024 is a clear indication they expect to start easing interest rates in the not too distant future”.

In fact, to quote a Stuff headline from March 4th:  “Two of the country’s biggest banks have announced more interest rate cuts”.

This is all positive news as sellers grow in confidence. reports: “Our latest property report saw last month’s stock level hit an eight-year high, as new listings returned to ‘normal’ February levels. New listings were up by 44.8% nationally, compared to February 2023 when listings hit a record low”. 

They report activity from property seekers also significantly improved with 20% more people visiting the site compared to February last year and, interestingly, international buyers searching organically from overseas were up 16.4% year-on-year.

TradeMe property stock levels in Auckland Central are edging closer to the 600 mark after dipping below 500 properties towards the end of last year.

Daniel says: “We auctioned nearly 50 apartments out of our Auckland Central office during February and are building up to a similar number for March.”

Investor sentiment is also on the move as independent NZ economist Tony Alexander’s monthly survey reports. He says: “There is a trend-rise in the proportion of those who were intending to hold their property for at least 10 years now planning to sell. Their time frame has shifted”.

Central city rental property remains in high demand as immigration numbers remain strong.

Daniel says: “There is serious momentum as confidence from both sellers and buyers gains traction”.

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