This Guy Fawkes House Prices are Booming!
You’ll notice the night sky alight with the excitement, booms and bangs of fireworks over upcoming evenings. However, it’s not just the fireworks that are booming! New figures, released by OneRoof Property Report, show that house prices are booming, with Milford and Northcote identified in the rising Auckland house prices for established suburbs. With average house sale prices nudging just over $1m in October, the market is showcasing incredible movement and record sale prices – not to mention the speed of sales too!
With many homeowners, and first-time homeowners, taking advantage of these historically low interest rates, the housing market is experiencing significant competitive growth. Whilst the motivations of sales differ, the rising house prices have been credited to buyers accelerating their property goals, locking in lower interest rates and transitioning to their next home. The supply and demand issue of housing, coupled alongside these historic benchmarks of rates, has equated in an insatiable desire for property! With would-be-buyers looking to climb their property ladder, many choose to relocate to more ‘desirable areas’. The issue? Houses are selling like hotcakes in these hotspots. The silver lining? Sellers are getting a pretty sweet return on investment.
Not only are the house prices booming, the property market is operating at a turbo-turnover, creating an almost ‘buyer frenzy’. This frenzy is exciting, creating a FOMO culture in the housing market; this ‘fear of missing out’ in turn fuels the speed of sales and is a reason for the incredibly short listing times we are seeing. In many instances, pre-auction offers are being accepted with auctions strategically brought forward. A range of alluring multi-offers are being put forward on the negotiation table and those looking to sell are sitting pretty. This is an opportune time for reassessing your own property goals and for gaining an understanding of where you’re at on your own property ladder. To understand what rung of the ladder you’re on, you first need to gain the knowledge of your asset value. An updated appraisal will empower you with your property’s current market value. With this in mind, you will be in a better position to reflect on your options, make a new plan and step up to the next rung of your ladder.
Treat yourself to a complimentary property appraisal this Guy Fawkes. Don’t let your property dreams fizzle out for not seizing the moment.
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