January saw the NP market continue in light
volumes with only 64 sales in the city. One up on the year long low of
December. The issue here seems to be stock. We simply don’t have enough
property to sell. Those few properties languishing on the market are suffering
from a ‘full expectation’ by their sellers – fuller than the market is prepared
to pay. We have buyers in all price brackets, but they have been highly
educated these last couple of years. They know values. Their bankers know
values. Our local property pricing will not be changing much if at all in the
medium term future. Further out than that no one knows. Our market seems as set
in its core valuations as it ever was. Buyers know this, and the successful
sellers also.
John
Christiansen
