Without question the property market has seen some real challenges in the past financial year, previous budgets and crystal ball gazing have proven to have been a tad optimistic, what with the ballooning national deficit, cost of living crisis, continually heightened interest rates and challenges with raising capital, property markets across the globe have been challenged. It’s not a narrative peculiar to the North.
Although Northland has not been insulated from these external pressures, we are continuing to welcome new people into our region with out of town buyers making up 31% of all residential buyers in the past year. There is no question that out of town buyers continue to appreciate our way of living, value for money, stunning waterfront properties and cost effective farming and lifestyle opportunities.
With some significant top end sales being achieved in waterfront, residential and farms I am confident that we will see continuing improvements in both sales value and volume of transactions in 2024.
Focus for 2024/2025
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2024/2025 is all about growing our people and further improving our service offerings to our clients.
With strong and clear leadership emanating from central Government I believe that the market will benefit from increased confidence. The soon to be actioned changes to the Credit Contracts and Consumer Finance Act (CCCFA) is picked to have the effect of easing lending restrictions and getting the property market moving.
Not happy to just ride the wave, Bayleys Northland are determined to grow their business and service offerings to all markets within the North. The size and experience of our country, commercial and residential teams right across Northland ensures our market presence.
The Bayleys team has had some significant personnel additions, not just with a number of senior agents joining the team but with the highly experienced Ben Bayley moving north from Auckland, focusing on leading and guiding the Mid North residential sales team. With a wealth of experience and connections Ben is a welcome addition to our business.
Residential Market Update
It’s in this current phase of the market that vendors and buyers have the greatest disparity. The news is full of negative commentary around the economy, interest rates and recession, the reality at the coal face is quite different in that deals are being done, vendors are achieving sales and families are moving into and out of Northland, chasing opportunity and living there lives, just like they have always done.
Despite the rhetoric in the market we are completing residential sales for properties right across the spectrum, be it multi million dollar canal front properties at Marsden marina, Lodge style homes in the Bay of Islands, sprawling lifestyle properties, inner city executive homes, first homes for young couples and median value contemporary homes right across the North.
The reality is that the real estate business has new challenges, but deals are being done and property being sold.
The one real learning from the past year is that those properties that are highlighted in a structured and comprehensive marketing campaign, uncover the available buyers from the market.
