Wonder Apartments Update - October 2021
With demand high and a busy December anticipated as restrictions ease, securing an apartment now positions buyers for the most competitive offering & prices.
Despite lockdown restrictions, we’ve been impressed by the number of savvy buyers using this extra time to complete due diligence for their new apartments.
With December 1st targeted for business as usual to kick off in Auckland, we’re preparing for a surge of interest as the restrictions lift - exactly as happened the last time we dropped to level 2. But we would advise genuine buyers to start the process now because your lawyers, banks and brokers will probably be completely overwhelmed in December as property buyers in the Auckland market act on their pent up demand.
Lawyers & advisors are a bit more accessible at the moment, and we are offering flexible extensions to the usual due diligence period, so it makes sense to utilise this time to get all your pre-purchasing details sorted early.
Recent polls and research show that most buyers expect property prices to continue to rise, so locking in today’s price but paying for it in 2 years is definitely an attractive option.
We’re here to help and happy to answer any questions you might have.
Showroom open by appointment - fully flexible viewing times available. Contact us to make an appointment today.
0800 217 838
What the market's saying:
- In the October monthly property report by The Real Estate Institute (REINZ), Chief executive Jen Baird says “What the data shows, is that confidence remains high, buyer demand is still strong.” she continued to touch on post lockdown buying behaviour specifically saying "Auckland spent the first three weeks of September in alert level 4 lockdown, which meant no real estate activity could take place. What we have seen in most other parts of the country is that activity picks up as restrictions ease, and we expect the same in Auckland”.
- Independent economist (previously BNZ's Chief Economist) Tony Alexander says “My expectation is the market will exit lockdown in relatively good health and continue to move upwards.
- ASB’s Housing Confidence survey showed that 58% of respondents expected house prices to rise over the following 12 months.
- REINZ reports that median house prices for Auckland have increased 23.1% compared to September of 2020.
- Despite the Delta lockdown, Auckland saw a new 14-year record high average asking price.