September continued the strong trend of sales volumes in the Wanaka area, backing up what has been a solid winter as we now move into the warmer months. A total of 39 residential house sales were recorded for the month, up 18% on the same period last year. These sales have continued to pull back overall stock levels in the local market, a trend that has continued even as we enter the busy spring selling season.
Combined with last week’s 50 basis point drop to the OCR, buyer confidence continues to build. Reduced borrowing costs mean budgets can now stretch further, improving purchasing power and creating new opportunities across the property market. Each time we’ve seen a similar OCR adjustment in the past, it has had an immediate positive effect on sales activity, with confidence and enquiry levels rising in the weeks that follow.
A total of 17 section sales and four apartment sales rounded out the month of September. It’s interesting to see land sales picking up again as buyers return to the option of building, despite elevated construction costs.
If you have any questions about these recent sales, or if you’d like to know where these trends place your property in today’s market, please don’t hesitate to reach out – we’re always happy to chat.
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