2009.01.30 04:53:24
Combine massive cuts in the Official Cash Rate by the reserve bank and total house sales of only 56,000(the lowest in 2 decades) in 2008 mean that prices are probably the lowest they are going to get.
There are predictions a 50 per cent increase in property sales will occur over the next two years and because the cost of ownership has now become so low that many owners will just wait until prices reach the level they want to sell at.
The housing market was slow over the past 12-18 months but there were signs that it was about to turn a corner, judging by the volume of websites which indicated there was a substantial number of prospective buyers out there.
The total number of sales was 3.7 per cent of total dwellings in New Zealand, whereas the average percentage over the past decade has been around 6 per cent.
With the right conditions, sales would begin to pick up with the percentage of sales returning towards the average,the drop in the OCR delivers some of those “right” conditions.
Around 90,000 sales are predicted for 2009, a 50 per cent increase on 2008.”
So will you wait and miss the great prices or act now?
Drop me a line and lets work together to take advantage of the great investing conditions.
Be the first to also take part in my new program that has been 12 years in development and has just been completed.
Hot Property Investments will be introducing the Lifestyle Builder Program, a program designed to help you achieve more of your financial and real estate goals.