Six months in to 2020 and despite the hiccup with COVID-19 and the lockdown period, we are seeing the market in Whangarei stay strong. Sales numbers are down by 55% in May but the prices have remained consistent after a sustained period of increases over 2020.

The listing numbers in the Whangarei District are as low as we have seen for a number of years but the number of genuine buyers looking for property right now outstrips the supply.

The demand is right across the price ranges and property types. First home buyers are active but are having to compete with an increasing number of out of town investors. Mortgage rates are very attractive with opportunities to borrow fixed term at below 3% and likely to remain low for some time, however the banks are showing caution with lending decisions. 

We expect the real estate market in Whangarei to continue to build for the remainder of the year. The supply of listings will have an influence over sales numbers. While the prices remain steady now is a great time to list.

There is some uncertainty as to what may happen with prices once the effects of the lockdown periods kick in, particularly when the subsidies come off, mortgage holidays finish and the employment opportunities diminish but arranging an appraisal on your property is a worthwhile exercise in this environment. Give one of our sales team a call for a no obligation appraisal.