Ben Macky Investors

Seizing the moment in today's property market

Now's the time for a bold move

  • Ben Macky
  • 21st Apr 2024

Seizing the moment: Why Auckland's current property market favours bold buyers

As the Director of New Zealand Sotheby’s International Realty's North Auckland office, Ben Macky has witnessed many ebbs and flows in the market over the years. While there are still buyers who are feeling cautious in this part of the country, Ben believes now is, in fact, a golden opportunity to buck the trend and make the next property move. 

A rare opportunity emerges

In the post-pandemic years, Auckland's property scene was characterised by fierce competition, often with multiple buyers vying for the same home. But in recent years, we have seen a different reality and, in my opinion, one that presents a rare opportunity for buyers.  

A quote often favoured by investors is, "Sell in boom, buy in gloom". While some may view this "gloom" period as a time to refrain from purchasing, savvy investors recognise it as a moment ripe with potential. 

The convergence of factors such as the Government's measures to slow the economy and buyer hesitancy has resulted in a unique landscape where purchasers have an unprecedented level of choice and minimal competition. This combination of circumstances allows those in a position to buy, the ability to maximise their purchasing power and secure properties that might have been out of reach in the past.  

Auckland Insights Pic

I believe the present market conditions offer compelling opportunities for those looking to upsize their home or mortgage. 

Even if your current property has experienced a slight dip in value, the potential gains on your dream home are likely to outweigh any short-term pain of managing a higher mortgage rate. And, as we are all hearing, interest rates are tipped to drop so this is an excellent time to make a strategic move. 

Conversely, now is not a good time to downsize – unless there are extenuating circumstances that require you to do so. 

Birkenhead Auckland

New opportunities for investors 

Investors, particularly those interested in new builds, stand to benefit greatly from the current market dynamics. With an abundance of new developments on the market, developers are now more open to price negotiations—a stark contrast to their typically firm stance during boom periods. 

Rather than viewing this as a downturn, astute investors recognise it as a chance to secure significant investments.

It's an invitation to both experienced and new investors to make strategic acquisitions that could yield substantial rewards in the long run. 

 The economic factors at play 

Recent policy changes from the incoming National Government point towards a potential upturn in the property market, especially for investors.  

With the lowering of the bright-line test and the reintroduction of tax deductibility on new builds coming mid-year, we anticipate a resurgence of investor activity. Coupled with the prospect of falling interest rates, these factors create a favourable environment for property investment and we expect a surge in buyer activity. Those who act decisively now stand to benefit. 

Auckland Skyline

Chart your own course 

History has shown that following the crowd rarely leads to exceptional results. The smart investor understands that the ideal time to buy is often when others are hesitant. Right now, we're seeing savvy investors and homeowners who are happy to swim against the tide take advantage of the current market conditions.

While it may feel counterintuitive to rush in when no one else is, the sales data we are seeing indicates that now is an opportune time to make a move.  

Auckland vs. the rest of New Zealand

Auckland's market trends often set the pace for the rest of the country. When Auckland's market shifted following the pandemic, the ripple effect was felt nationwide. As we observe signs of recovery in Auckland, it strongly indicates that the wider market will follow suit. 

Going against the grain may feel uncomfortable, but it is hard to ignore the current market conditions and the unique opportunity they present for those willing to seize the moment. My advice is simple: if you're considering a property purchase, now is the time to act. 

Abt Our Leadership Ben Macky Profile

Ben Macky is Director of New Zealand Sotheby's International Realty North, with Susi Matz as Managing Director. Ben is a seasoned sales expert with a proven track record of success in growing businesses, including the development of a million-dollar real estate business.

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