Perspectives Property Report March 2024

I’m Mark Harris and welcome to the March Perspectives market update!

Well it's hard to believe its autumn already and we’re nearly a third of a way through the year. 2024 has much more positive feel to it but were not doing cartwheels down the street just yet!

We’ve now had five consecutive months of price rises but they are incremental jumps. Last weeks OCR hold was a stabiliser in terms of sentiment and will continue to underpin buyers returning confidence in the market. We’ve already seen retail rates being cut and we expect competition between the banks in terms of rate drops to increase steadily throughout the year.

January and February saw a strong increase in listings especially in Wellington, Canterbury and Auckland. is another good sign of vendors confidence returning.

In January REINZ stats show the number of sales increased by 16% nationally and in February our internal sales volume is up a whopping 105% on last year.  It’s certainly good to see some real momentum building in Auckland with some significant sales occurring in the last few weeks.

Sotheby’s International Realty has just released its global results and even with the challenging market of 2023, the numbers prove that we have performed for our clients once again. We achieved $230 billion in sales across the world between a team of over 26 thousand sales associates. Just because the market is uncertain doesn’t mean your outcome needs to be.

On the home front, the southern lakes market continues to shine with the biggest price increases across NZ in February. And we are delighted to announce that the incredible Lakeview Te Taumata precinct in Queenstown has achieved over $100m in pre sales prior to public launch, a testament to the quality of design, location and unique amenities on offer. Get in touch now for more information on this amazing project.

Here in Auckland we recently held our company agent networking event and part of that was recognition of our 2023 high achieving sales associates. Congratulations to them, and the whole team across the country, we wouldn’t be in such a strong position going into this year without all your hard work.

That’s all for now, we’ll see you next time…