Ray White Now New Zealand - September Edition - Page 16
Prices unlikely to fall but slow down in growth to continue
The pandemic driven price boom is not unique to New Zealand but in terms of magnitude , it has been the strongest in the OECD . Following finance restrictions imposed by RBNZ in March , we did see pricing calm , showing that the policy change did have its desired result .
At this stage , our own data is yet to show signs of a substantial fall in pricing . Analysis of Ray White auction data continues to show a large gap between the highest prior offer and the price sold at auction . Historically , this gap has averaged 10 % but in July was at 12 %. Competition for properties is still strong , not just when we look at the number of active bidders , but also at the prices being paid for properties at auction .