-Jul 2, 2024 By City Sales Ltd

Seize the Moment: Why Now is a Smart Time to Buy Property in Auckland

If you've been waiting for the right time to invest in property, that time is now.
Recent forecasts from ANZ and Westpac indicate they're expecting interest rate drops sooner than the Reserve Bank of New Zealand (RBNZ) currently promises. As does Squirrel Money Lender, and as do we.
With the Auckland property market set to shift dramatically, there's a unique window of opportunity for buyers. But its not going to last forever, and the first signs of change are showing already.

The Market Outlook

ANZ has adjusted its interest rate forecast and now predicts significant falls in mortgage rates starting as early as February, much sooner than the RBNZ's August prediction. This sentiment is echoed by Squirrel and other industry experts like Westpac and Tony Alexander Economist, who agree that the peak in mortgage rates is behind us. ANZ's economists expect a downward trend in rates over the coming months, leading to significant falls in mortgage costs. This change presents a favorable scenario for those looking to buy property in Auckland.

A Rare Opportunity

As we've been saying, the current Auckland buyers' market conditions are a rare opportunity to set up your financial future. This kind of market doesn't come around often—historically, about once every seven years. The last two major buyers' markets in Auckland were around 2017-2018 and before that, 2010-2011. Each period offered a brief window where buyers had the upper hand in the Auckland real estate market, with more options and better prices. These Auckland real estate opportunities are rare and highly advantageous for potential buyers.
In these rare times simply put, your money will go further. You will be able to buy something nicer or bigger, or closer to a centre point today at a lower price than you will be able to do in 12 - 18 months. And if you do buy today, chances are the market will bounce back (as it has done every time so far since records began) and you should grow equity in your property much faster than usual. 
Why aren't more people taking advantage? Well documented job security concerns and high mortgage rates, but as multiple experts predict - we are likely at the peak and on the downwards trajectory in terms of that. 

Why Act Now?

These windows of opportunity are limited. Once interest rates start to drop, the market dynamics will shift rapidly. Lower rates will spur increased demand, and the market will quickly flip back to a sellers' market, the predominant Auckland market setting.
When that happens, competition will increase, prices will rise, and the favorable conditions for buyers will vanish. What we've seen is that these conditions typically swing around only about every seven years, and the buyers market doesn't last long - making now the best time to buy property in Auckland and secure your financial future with property investments.

Avoid Future Regrets

In a few months, you might look back and wish you had taken advantage of the current market conditions. By acting now, you can secure a property at favorable rates and terms, setting yourself up for long-term financial success with real estate investment in Auckland. This is the kind of property market window of opportunity that can significantly impact your financial trajectory.

Take the Next Step

If you're considering buying property, now is the time to move. Contact our team at City Sales Auckland to discuss your options and find the perfect property to meet your needs. We can help you navigate the current market and make a decision that should benefit you for years to come. Real estate investment in Auckland offers a unique opportunity right now that should not be missed.

This is a rare moment in the Auckland property market. With interest rates set to drop sooner than expected, buyers have a unique opportunity to secure favorable deals. Don't wait until the market flips back to a sellers' market—act now and set yourself up for financial success.

Feel free to reach out to our team at City Sales for personalised advice and to explore available properties. This opportunity won't last long, so make the most of it while you can.

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