Time to hag­gle for houses as prop­erty mar­ket flat­tens

Matamata Chronicle - - Your Paper, Your Place - PROP­ERTY

Home buy­ers are back to cut­ting deals rather than bat­tling for a house at auc­tion as the mar­ket flat­tens af­ter years of record growth.

QV fig­ures show that while city home val­ues are up 16.7 per cent year-on-year, they have dropped 0.8 per cent over the past three months.

QV spokesman Stephen Hare said sales by ne­go­ti­a­tion have been pop­u­lar.

‘‘Sales by ne­go­ti­a­tion are be­com­ing the favoured way to sell in the cur­rent mar­ket rather than auc­tions, which were more pop­u­lar last year,’’ he said.

‘‘Prop­er­ties in the $400,000 to $500,000 range have be­come a rar­ity and are at­tract­ing strong de­mand from first home buy­ers who are snap­ping them up very quickly.’’

The First Home Buy­ers Club aims to get would-be buy­ers ready through free plan­ning ses­sions, mak­ing its money on com­mis­sions on mort­gages and in­sur­ance.

Com­mer­cial and me­dia man­ager Les­ley Har­ris said it’s too early to call the shift a trend.

‘‘I think there’s a num­ber of rea­sons peo­ple don’t want to go to auc­tion,’’ she said. ‘‘It’s symp­to­matic, pos­si­bly of a slightly weaker mar­ket - but I’m hes­i­tant to la­bel it that be­cause it could be the time of the year.’’

Na­tion­wide res­i­den­tial prop­erty val­ues for Fe­bru­ary in­creased 13.5 per cent on last year.

-Florence Kerr

Newspapers in English

Newspapers from New Zealand

© PressReader. All rights reserved.