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January 2009
Friday, January 23, 2009
Wellington Anniversary weekend has been and gone and people are back at work following the holiday and festive season.
We have noticed the "lower end" of the real estate market to be quite active in January and the "upper end" to be a bit more subdued. What do we mean when we talk about the lower end? We tend to band the lower end up to $500,000-$550,000, the middle up to $900,000, and the upper end generally over $1,000,000. I think the reason the upper end has been slower in January is that potential buyers in this range usually have families and are pre-occupied with Christmas and holidays. Traditionally once schools are back this part of the market becomes very active. We will monitor this over the next few weeks as we have several very good family homes in supurb locations in the $1,000,000 plus bracket about to commence marketing campaigns.
Some of our team are going on a two day conference in Melbourne with members of our independent network (Real Estate Results Network) so it will be interesting to see how market activity in Wellington compares with other parts of New Zealand and Australia.
- Ian Paterson