Auckland homeowners looking to swap city living for a lifestyle block may be facing a different market than they were a few years ago, according to PGG Wrightson.
PGG Wrightson General Manager Livestock & Real Estate Peter Newbold said softer Auckland property values had become a hurdle for some prospective lifestyle buyers.
“The big challenge is for those in Auckland where their property prices or the value of their property has dropped,” Newbold told The Country’s Rowena Duncum.
He said the market had changed from previous years.
“You haven’t got those big increases,” he said.
“So, you’re seeing values from a lifestyle perspective staying fairly constant.”
Newbold said the lifestyle market remained stable.
“It is moving along positively; I don’t think we’ll see any big uplift in the lifestyle. It’ll be steady.
“In provincial New Zealand, we’re still seeing, from a lifestyle residential perspective, good appraisals, listings coming through and sales.”
Newbold was speaking as rural real estate enters its traditional spring selling season, with many properties expected to come onto the market in the coming months.
He also expected rural markets to be more resilient than city markets during the election period.
“I think we’re going to see a lot of rural sales come to the market early; then there’ll be a pause, and then before Christmas you’ll get another lot that will come in, and then you go into the traditional autumn.”
He said any slowdown was likely to be most noticeable in city property markets.
“Where you’re going to see the most impact is in the metropolitan areas.
“Coming up to this election, I think you will see a period of time where there won’t be a lot of action.”
Newbold said rural areas were likely to be less affected by any election-related slowdown.
As the lifestyle market shifts, understanding what your current property is worth and what your options are can help you plan your next move with confidence.
Our local agents can provide trusted, local advice whether you're thinking about buying, selling, or making the move to a lifestyle property.
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