Public Urged to Make Own Property Decisions

29 April 2005

Public Urged to Make Own Property Decisions

Those interested in selling or buying property are being urged to make decisions based on their own need and circumstances rather than follow too closely commentators who have been incorrectly predicting a drop in the market.

Commenting in the April 2005 edition of the Harcourts MarketWatch newsletter, CEO of Harcourts New Zealand, Bryan Thomson said, “For many months the media has been full of predications that the property market has peaked and is on the way down. If that’s the case why do the figures tell a very different story?”

Mr Thomson noted that the last two months had produced new records for Harcourts New Zealand with its biggest month ever for written sales in the history of the company. “In March we passed the $1 billion mark for the first time in a single calendar month since 1888.”

He added that Harcourts statistics showed the number of properties being brought to the market over recent months had been below levels experienced in the previous year. As a result, fewer available properties meant buyers had less choice and were having to compete, with ongoing anecdotal evidence of multi-offers around the country still very much the norm. “Competition to secure quality property remains fierce.”

Mr Thomson also made reference to employment at an all time high driving income growth, and subsequently confidence in committing to property purchase for both homes and investments. “And our superb Summer put smiles on faces to boost confidence overall - why wouldn’t you want to own a piece of this paradise?”

In summary, Mr Thomson said, “we see no reason to expect to see any major changes in the property market over coming months.”
ENDS

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