Some want to downsize or make the most of the record-low interest rates
The industry took a hit from the government’s decision to exclude real estate from essential services during the country’s COVID-19 alert level 4 lockdown. But don’t lose hope yet, as Century 21 New Zealand has revealed that serious buyers have remained active online.
Derryn Mayne, owner of Century 21 New Zealand, acknowledged the pandemic's immediate impact on new listings at the end of March. However, average asking prices remained buoyant, with a 5% increase from last year. Kiwis have also been spending significantly more time on the real estate website RealEstate.co.nz since the beginning of the lockdown.
“Despite a nationwide property report [from RealEstate.co.nz] showing new listings in March down 16.5% on the same time last year, it’s great that serious buyers have remained active online during the lockdown,” Mayne said.
“We’re all taking a wait-and-see approach, but it’s really encouraging that many Kiwis are using this time to look at property via the internet. The quality of a vendor’s online marketing strategy is suddenly even more important.”
Read more: Century 21 continues to experience plenty of activity
Mayne explained that many families still need to move or find a bigger home during the lockdown. In contrast, some buyers want to downsize or make the most of the record-low interest rates.
“A lot of people are clearly doing their homework now. Not only is it positive for prospective buyers to be using this time wisely, but prospective sellers should also use the lockdown to prepare their property inside and out for a future appraisal and sale,” she said.
“We went into the lockdown with all the real estate fundamentals looking strong and housing stock in clear demand. If we can come out of it in a timely and positive way, we may just be surprised by the level of activity that returns.”
