Just in case you were thinking the market is slow because you’ve been spending too much time reading the newspaper and watching TV, both anecdotally and statistically we are seeing the continuation of a firm market in Nelson city.
Since last week we have sold 18 Scotland Street, Nelson, in the mid $700,000s, to the best of a number of offers, four of which were in the $700,000s. The RV on this property is $470,000. While we had a number of buyers give us their opinion on the value, the market is always the most honest arbiter of value, and we know that the successful buyer has achieved value for money at the eventual sale price.
The rate of sale of sections at Otium Valley, Atawhai, had stalled post-election, and now that buyers have figured out the new government’s policies have not caused the market to plunge, we have seen another three sales in the last week. Out of a development of 23 sections, that leaves only 2 sections left.
Statistically we are seeing a continued firming of values well above the rate of inflation and the reasons for this are clear – Nelson city is running out of buildable land and yet New Zealanders both here and abroad continue to flock to the city. The laws of supply and demand dictate that as long as the banks continue to lend, and interest rates remain so attractive, sale prices in our gorgeous city will continue to firm.
The latest QV report on the national housing market can be found via THIS LINK, and their interviews with ONE NEWS around the cooling market and NZ HERALD in relation to declining numbers of properties for sale, can be found by following the respective preceding links.
Have a great week and we look forward to finding you the home of your dreams this year.