While news from New Zealand indicates the overall market is fairly quiet, homes at the high end of the spectrum are selling as well as they ever have. The New Zealand Herald reports that the most recent confidence survey released by BNZ chief economist Tony Alexander showed that the housing sector is slowing, but high end homes are selling fast.
Many people in the existing home market have noticed that sales are slowing, and Auckland has been hit the hardest, it seems. Sales in the eastern suburbs of Auckland were down 30% in August from the previous month, as buyers were taking longer to make decisions.
The construction sector expects infrastructure demands and work to keep the need for services high in the coming months, but there are indicators that new housing construction is slowing as well. Those surveyed noticed more competition and tighter margins.
The slowdown means that it is a good time to be looking for a home in New Zealand. One real estate valuer is quoted in the Herald as saying that it is an opportune time for first time buyers: “Many investors would be looking to sell rather than purchase. First-home buyers need to see the opportunity.”
A good example of a luxury home that is ripe for the picking is a property that sits on the fringe of Havelock North, a fashionable residential area boasting quality homes and boutique shopping. Being sold by the owner at Homesgofast.com the stunning house has a price tag of £1,300,000.00 see Luxury New Zealand Home
While the market is slowing, sales of homes at the high end show no sign of easing. Agents for luxury homes say demand has never been better. One agent, Paul Barnao, sees good times for his clients: “I have never seen the top end of the market as strong as it is at the moment.” He has clients lining up for a property listed at $12 million NZD, and that is just one example.
While confidence in the overall market is sliding, the top end looks to continue to keep doing well for the foreseeable future.
