March was a big month for New Plymouth real estate. 111 sales recorded, the highest since May 2012, 34 months earlier. This is almost double the average of the last 12 months. In the halcyon days of 2005/6 these were average numbers, but I fear they are unsustainable now. There may be some investors ready to cash up as rents have dropped, but by and large we simply don’t have the available stock to sustain 100 plus sales a month in New Plymouth. We simply don’t have as many sellers. Buyers are much more astute than they were in the earlier run as well. Banks are tighter; caution is the catch cry as buyers look at options much more closely. Formal due diligence is the norm, not the exception. Our market has evolved into a more considered and measured phase. Competition for buyers however is as strong as ever.
John Christiansen
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