The housing market has made a very slow start to 2024, with January’s sales at their second lowest level in at least 30 years.

According to the Real Estate Institute of New Zealand, 2995 residential properties were sold last month. To give an idea of how much sales numbers have fallen over the last year or so, there were 3761 sales in January 2022 and 5135 in January 2021.

Anecdotal comments from several agents I have spoken with during the past 6 weeks suggest there is a solid group of buyers currently sitting on the side-lines waiting for the Government to implement its announced modifications to property investment rules. Once implemented, those changes have the potential to significantly increase buyer demand.

But, in the meantime, purchasers appear to be more deliberate in their decision-making with more time being taken on the issues of accessing finance and affordability challenges. And with last month’s low sales numbers, sitting beside listing volumes in February looking to land 30% up on 2023, buyers have plenty to choose from!

The same cannot be said of residential rental activity, where we continue to experience record-numbers of new tenancies signed and are tracking record-low vacancy rates. Meaning, we need new properties!!

So, if you know of a landlord or property owner who could benefit from an introduction to our management services, please feel free to contact your property manager, or, complete this easy form of introduction. If you are not a current client of Goodwins, we invite you to complete this form to submit your property details:*k3ruq7*_ga*MTY2MTI2ODk1Ny4xNjk3NjA0Mjkw*_ga_KVRGF7BQSD*MTcwODkyMzQwMC42Ny4xLjE3MDg5MjUxMzQuNTkuMC4w&

Looking to the month ahead, Goodwins Team will be attending the Real Estate Institute of New Zealand’s Residential Property Management Conference on the 8th of March; focused on delivering practical training to build the sector’s expertise.

We look forward to this event as a part of our ongoing committing to the continuing professional development of our team to best service our clients.