As the Christmas decorations begin to adorn the shopping malls and the warmer weather becomes a little more consistent, we feel a sense of summer and that excited feeling that the holiday season is on its way. Of course, we have the hurdle of the Christmas silly season to get through first, but the general feeling is that better times are on their way. The turn of the new year is a celebration we sincerely look forward to.

So too is it in the real estate market. There are some interesting signs in the marketplace which are beginning to build our confidence that prices are beginning to establish a slight upward movement. The numbers of buyers entering the market is steadily increasing.

While the industry statistics continue to show us that the Rotorua and the Eastern BOP region is lagging on last year’s numbers relating to price, sales volume and numbers of days to sell, we are now seeing quite a few strong signs of good things on the horizon.

Our once desolate Auction rooms are now attracting active bidders and some exciting sales under the hammer. If properties are not sold at the auction itself, then soon after we often see the sold sign go up due to retrospective negotiations. First home buyers still seem to be the dominant buyer demographic in the market. However, we are beginning to see the signs of investors returning. People looking to upgrade their home and transition to a larger or more modern property are also showing a greater appetite to transact property

For those who are thinking of coming to market, do expect the market to take about a week longer than last year. The numbers say 5-6 weeks now.  As the summer activity speeds up though, we do expect those numbers of ‘days on market’ will begin to reduce. Buyer competition is also noticeably increasing compared to what we were experiencing earlier this year.

Looking ahead, it will be interesting to see the effects of the decision the Reserve Bank of NZ makes on the OCR interest rate and the trading banks response. Certainly, the main thing to watch is the effect interest rates have on the market. Will the trading banks free up available lending capacity for the buyers? On the flip side, many buyers are still being very cautious not to overload themselves with further debt.

If you are a buyer, now is a good time to get ahead of the competition. For a seller, talk to your local EVES salesperson sooner rather than later. A good sales strategy and marketing timeline will be critical for you to make the most of your selling price as we head into 2025.