Ray White Now New Zealand 19.10.2020 Version 22 - 19 October 2020 - Page 15

Left photo : Happy sellers of 23 Wills Road , Bell Block , New Plymouth who sold under the hammer for $ 670,000 . Right photo : Ray White New Zealand Auctioneer Ben East calling the auction for Ray White New Plymouth salesperson Jane Simonson .
Economists are saying that the next 12 months may hold :
• Rising unemployment
• The end of the mortgage deferment scheme
• The revision and potential reimplementation of LVR restrictions in May 2021
• The end of the wage subsidy schemes
• The potential of low mortgage rates rising
• A possible recession
• More expats returning home
• Borders remaining closed
• Weak global economy
• Weakness in particular sectors of the housing market
• Potential re-emergence of Covid-19 in the community
As touched on above , the expiration of government stimulus and the potential for a steep rise in unemployment may result in fewer buyers having an ability to purchase property . The New Zealand Treasury has now reforecast unemployment to peak at 6.8 per cent this year .
It is for these reasons that many are saying if you are thinking about selling over the next year or two , now could be the time to achieve the best result .
Our data consists of real-time market results from 182 offices New Zealand wide , providing a diverse overview of current market conditions . Predicting exactly where the market will be in 12 months does remain difficult and those that are more risk-averse may wish to delay making decisions for a few years until market conditions become more predictable . However , those that are considering selling now should take courage from the fact that at present the conditions are very favourable .
The information is general information only , not financial advice , and does not take into account your individual objectives , financial situation or needs .