House price expectations have hit a six-and-a-half-year low, according to new data released by ASB. This reflects a slowing market in Auckland, but how does this nation-wide view of housing confidence compare to what’s happening here?
Overall, we believe local housing confidence can be described as cautious, but healthy. Prices are stable, with the new valuations providing a better guide to a house’s worth, but it’s still very much a case by case basis when it comes to a final sale price.
In 2017, the new Rateable Values or (RV’s) for Kapiti were released—these are the most current valuation of what your home is worth. Over the last 12 months Kapiti’s house values performed well on the national stage, with the average price rising 12.9% over the last year to $544,874. Generally, the new RVs are better aligned with the prices our market is delivering, and the growth in house values.
Local conditions have taught buyers to be cautious when it comes to making an offer, more are working hard to look past hype and only buy a property for what it’s worth. Encouragingly, people selling are happier to accept house offers with conditions attached. All of these things are contributing to our stable market.
If you’re wondering if now is a good time to buy, the same advice applies—now is always a good time to buy if it’s affordable for you, you can cover a mortgage within your desired budget, and you can get finance from the bank.
Feeling ready to make the jump into home ownership? Give our team a call today 0800 000 517.