Insights from Auction in Auckland's Ever-Evolving Real Estate Market
In today's auction at City Sales, we faced a unique situation.
Four properties went under the hammer, and for the first time in well over a year, there were no immediate sales.However, don't be disheartened; there's a silver lining in the form of strong conditional interest and vendors ready to meet the market.
If you're interested, don't wait as these properties are primed to go and taking offers today!
The Auckland auction market has displayed surprising buoyancy despite the ongoing election, which typically exerts a holding pattern on real estate activities.
But what might be causing some unconditional buyers to hold back?
One factor is the anticipation of special votes from around the world, which may affect the composition of the new government. While the "blue wave" has swept, special votes tend to lean towards "red," so while we know National will be heading the country - the exact political landscape remains uncertain until November 3.
Furthermore, there's been an unexpected rise in mortgage rates, even though the OCR has been maintained at 5.5%. With OCR ruled out as the reason for this change, we must consider influences from overseas markets, such as the U.S., where inflation remained steady against the expectations of many economists who were predicting a drop.
Now, let's focus on what we do know.
We've successfully found interested buyers for all todays properties, and conditional negotiations are already underway.
In the weeks ahead, we'll be keeping a close eye on the election's impact, especially in terms of campaign promises regarding property, like the potential changes in interest deductibility.
At City Sales, our commitment remains unwavering: to guide you through the dynamic real estate landscape with clarity and confidence. If you're looking to make a move in the Auckland property market, don't hesitate. Reach out to us today to explore your options and secure your piece of the real estate puzzle. Your next chapter begins with us.
**As of 2pm we have conditional offers on properties