They list factors that would help the region to remain buoyant
The COVID-19 pandemic has impacted various markets in New Zealand, especially during the alert level 4 lockdown. Now that the country is under alert level 3 lockdown and in the process of switching to level 2, real estate agents expect the Taranaki housing market to bounce back.
Glenn Green, a real estate agent at Harcourts Bell Block, revealed that they still received a flood of inquiries during the lockdown.
“Even during [the] lockdown, the amount of activity we were able to get through with enquiries on property shows that there is still strong, strong confidence out there,” Green told Stuff.
“At the moment, it’s quite frustrating with the limited amount of viewings at each property until level 2 starts, so it’ll be a very positive thing getting into level 2.”
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Meanwhile, New Plymouth real estate agent Jamie Gemmell said she saw a drop of inquiries and offers during the alert level 4 lockdown. However, the market started seeing activity again a week after the country moved to alert level 3.
“It's not as crazy as it was before lockdown, but it's definitely warming up. In my opinion, I have seen there are still buyers out there wanting to buy and needing to buy. There are some waiting to see what happens in the market, and that is expected. I don't think we're going to be affected too much in Taranaki,” she told Stuff.
Gemmell explained that people living overseas who want to move back to New Zealand and the Reserve Bank of New Zealand (RBNZ)’s decision to axe the loan-to-value ratio (LVR) restrictions would both help the Taranaki housing market remain stable.
“It's allowing a little bit more flexibility if they don't have much of a deposit behind them. It will bring more buyers into the market. I've also got buyers from out of the region, as soon as they're allowed to travel, they'll be travelling to look at property here,” Gemmell told Stuff.
