First-time home buyers are starting to move out of the South’s top homes, with about 87 percent of properties selling for more than 500 500,000 over the past year.
Now, real estate agents are hoping that the spring surge could help boost sales when Nelson recorded the lowest sales and lowest stocks since the record began.
New Real Estate Institute figures Home sales in Nelson were the biggest drop in the country in August, down 50 percent from August last year to 53 homes. Tasman fell 37.6 percent to 53 properties, while Marlborough fell 31.3 percent to 55.
The drop was partially driven. Coved 19 Delta variant lockdown., Which collided with New Zealand on August 19.
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Nelson’s average daily sales fell 78.4 percent after the lockdown began, compared to 32.1 percent in Tasman and 25 percent in Marlborough.
Jane Baird, chief executive of the Real Estate Institute, said the difference in the drop showed that Nelson had an “unconditional” pipeline of sales in the last two weeks of August.
“The pipeline goes through the market … Nelson’s pipeline wasn’t that strong.”
But even though sales are low, prices continue to rise. The average price in Nelson reached $ 670,000, including $ 585,000 in Marlborough and $ 800,000 in Tasman.
Baird said rising prices have had an impact on first-time home buyers, with local agents reporting a drop in buyers compared to a year ago.
This was probably a reflection of the fact that 86.3% of homes in the South now sold for more than 500,000, up from 69.7% in 2020.
Cheapness was having a big effect, he said.
“I know this is a very serious read for first-time home buyers.”
Meanwhile, the number of homes for sale in Nelson in August is 157-163 less than in August 2020.
“Real estate professionals are selling far more properties than they list,” Baird said.
The problem was exacerbated by the fact that potential sellers were struggling to find a home to buy first, preventing homes from entering the market.
“We’re talking about the biggest assets of the people here. It’s a lot of money and people don’t want to get short, and people don’t want to get stuck in a difficult transaction where they have nowhere to go.
Spring has traditionally been a busy time for the housing market, and she was optimistic that the market would start to pick up, with agents reporting an increase in sales of people’s homes.
However, it may be delayed due to covid.
Darrell Marshall, of Nelson’s Haven Realty, said a strong online inquiry was underway through the lockdown, which led to requests for assessments.
However, it remains to be seen whether the effects of the flow from the cove will affect the market in the spring.
“We are in immovable times, much more than last year.”
He was “optimistic” about the market, but said “there’s still some caution, just because we’re all experimenting.”
The area continued to be an attraction. Buyers from outside the city are struggling to make ends meet in other parts of the country..
However, a shortage of stocks has prevented some people from listing their homes for sale because they need more to buy.
“They need a little bit of choice, and the choice is very limited until they move out of the district.”
“Although the market has been challenging for home buyers before, you can succeed by changing expectations and looking at other options, such as townhouses or apartments,” he said.