2024 Auckland Real Estate prices?

Taking a few notes from local economist, Tony Alexander - looking at basic "Economics 101" (ie "Supply vs Demand") we have observed consistent increasing immigration over the past 12 months (a net flow of 129,000 at last count) with not that many houses being built over the same period

This would indicate an increase in demand to purchase property, however, Tony notes that most of these immigrants are likely not in a position to purchase, meaning they will have to RENT.   

So it is very likely that the demand for rental properties (to rent and to purchase) will increase.   Our property management team have been working through December and January and they report that demand (and weekly rental prices) has defiantly increased.

Given also that the new Government has promised more tax breaks for landlords, we are very likely to see an increase in investors coming into the market, so demand and corresponding price increases for rental property is likely.

As usual, we will post our actual observations of the market in coming weeks in this post, including

• The latest sale prices

• Numbers at open homes

• The latest properties to hit the market

Hope you're managing to make the most of the warmer weather and we look forward to being of service to you in 2024.