Frothiest Housing Market

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Sell My House Quickly found another interesting article about properties in Reading. World’s Frothiest Housing Market Cools in Global Warning Signal. New Zealand’s home sales and prices are tumbling, providing a glimpse of what may unfold elsewhere.

Frothiest Housing Market

New Zealand’s housing market has abruptly snapped from frenzied to floundering — and it may be a harbinger of what’s to come around the world.

Sales are plunging by double digits. Prices just fell the most in 13 years. And homes that would have previously sold in days are now sitting on the market for weeks.

It’s a change real estate consultant Alison Hawkes has watched first-hand. Just a few months ago, houses were selling for record prices as New Zealanders scrambled to buy property. Now, she spends much of her time managing the expectations of sellers, who are having trouble comprehending that they’re not going to find a buyer at the high prices seen in 2021.

“We have to tell vendors that the market has changed quite dramatically and quite quickly.

It’s not always easy,” said Hawkes, who works for realtor Harcourts in Porirua, a city of around 56,000 people just north of the country’s capital, Wellington. “There are a lot of tears. A few months ago they were tears of happiness, now they’re tears when they realize their family home isn’t worth what they thought it was.”

New Zealand, a country of 5 million people in the South Pacific, was at the forefront of the pandemic property boom that saw prices around the globe soar, fueled by rock-bottom mortgage rates and government stimulus. Annual price gains in the nation were close to 30% in 2021, leading Bloomberg Economics to last month rank it as the world’s bubbliest real estate market.

In addition to low borrowing costs, New Zealand’s house-price growth was driven by a shortage of homes, a surge in immigration, and the upward trend in prices over the past decade, which cemented the perception that property investment is a safe bet.

We found this article about World’s Frothiest Housing Market Cools in Global Warning Signal on Bloomberg. Kindly click the link to read the full story.

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