Post-Covid market update
Marlborough is seeing high demand for property, despite a level of uncertainty surrounding the New Zealand property market following the Covid-19 lockdown.
First National Marlborough Company Director Stu McLean says some properties are being snapped up as soon as they are listed, and it's not uncommon for them to only be on the market a week before being sold.
However, the speed at which properties are selling is not a reflection of dropping house prices.
“Prices are well and truly up on what they were pre-covid. We have not seen any drop in prices at this stage,” Stu says.
A number of factors are contributing to the positive state of the Marlborough property market, Stu says, including the fact that employment rates in the region have remained high despite the lockdown.
“We still have strong employment in Marlborough, and I think the other factor is that during the lockdown, people couldn’t do anything and now they just want to get on with it.”
Prior to lockdown, it was established that Marlborough had a shortage of about 1760 houses, which is still driving demand in the region, (Stu says). The removal of LVR (loan-to-value-ratio) restrictions following lockdown has also had an impact, however banks are being slightly more cautious over who they approve lending to, Stu says.
Despite this, First National Marlborough consultants are seeing good numbers at open homes of all price points from the $400,000 range, up to those around $900,000.
“And certainly, anything that’s less than about $550,000 for first-home buyers is hugely popular,” Stu says.
Stu predicts this trend will continue for the Marlborough property market.
“As long as employment is sustainable, things will keep going like they have been,” he says.
If you’re looking to make your next property move in the Marlborough region, explore our listings, or get in touch with one of our consultants, today.