Without question the property market has seen some real challenges in the past financial year, previous budgets and crystal ball gazing have proven to of been a tad optimistic, what with the ballooning national deficit, cost of living crisis, continually heightened interest rates and challenges with raising capital, property markets across the globe have been challenged. It’s not a narrative peculiar to the North.
Although Northland has not been insulated from these external pressures, we are continuing to welcome new people into our region with out of town buyers making up 31% of all residential buyers in the past year. There is no question that out of town buyers continue to appreciate our way of living, value for money, stunning waterfront properties and cost effective farming and lifestyle opportunities.
With some significant top end sales being achieved in waterfront, residential and farms I am confident that we will see continuing improvements in both sales value and volume of transactions in 2024.
Focus for 2024/2025
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2024/2025 is all about growing our people and further improving our service offerings to our clients.
With strong and clear leadership emanating from central Government I believe that the market will benefit from increased confidence. The soon to be actioned changes to the Credit Contracts and Consumer Finance Act (CCCFA) is picked to have the effect of easing lending restrictions and getting the property market moving.
Not happy to just ride the wave, Bayleys Northland are determined to grow their business and service offerings to all markets within the North. The size and experience of our country, commercial and residential teams right across Northland ensures our market presence.
The Bayleys team has had some significant personnel additions, not just with a number of senior agents joining the team but with the highly experienced Ben Bayley moving north from Auckland, focusing on leading and guiding the Mid North residential sales team. With a wealth of experience and connections Ben is a welcome addition to our business.
Country Market Update
There is no getting away from the fact that in terms of both value and number of sales, the rural property market is back by 40% on the previous year.
Enquiry has continued for all classes of property however the demand has been tempered by a diminished appetite for lending and increased interest rates creating a similar attitude for borrowers who have parked planned farm developments or additional purchases.
The Bayleys Country team are committed to taking dairy farms, beef farms, fattening units, horticulture blocks, run offs and lifestyle properties to the market, creating bespoke world class marketing campaigns which highlights these properties and opportunities to buyers from all over the globe.
The team are currently promoting some world class properties and we have a full suite of quality farms to bring to the market throughout the remainder of 2024.
