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Hint of confidence in housing market

Post-election confidence has hit the region’s property market, according to the latest data published by realestate.co.nz.

Seven regions across New Zealand saw positive year-on-year growth in average asking prices, where Wairarapa came in with a 2.2 per cent increase and 14.4 per cent growth in new listings, compared to last year.

Data also revealed that during October, new house listings were up, auctions had regained popularity with vendors, and national average asking prices were sitting back at levels similar to what it looked like in January of this year.

However, according to Wairarapa Real Estate Brands regional manager Rob Slater, he believes that compared to national averages, the region hadn’t seen an increase in auctions.

He noted financial pressures were still a key barrier for potential home buyers.

“The result is that most people are not in a position [being cash unconditional] to purchase at auction,” Slater said.

“From what I have been observing, Wairarapa is holding its own with asking prices in relation to the rest of the country as a whole.”

Average asking prices had increased to $884,377 – about the same price it was at the start of the year.

“This is the first time the national average asking price has been above $880,000 since January. In 2023, we’ve had a shallow dip followed by what looks like a recovery,” according to Vanessa Williams, a spokesperson for realestate.co.nz.

“It is difficult to say for sure what is causing the shift. It could be the coming change of government, the OCR holding for the third consecutive month or the cyclical nature of the property market,” she said.

Slater told the Times-Age he had seen activity levels continue to rise post-election, with more people attending open homes and an increased number of offers being presented on properties.

“There seems to be a relatively positive attitude among the ‘purchasing public’,” he said.

“What we are seeing throughout Wairarapa are vendors that are extremely educated about house prices and, as a result, are bringing their properties to market at a fair and realistic asking price – more so than six months ago.”

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