As Covid19 hit us and we went into lockdown level 4, numerous economists were running around scare mongering that the property market was doomed are we were going to enter a major property recession.
Hopefully all those economists have now found new careers and are somewhere in the provinces helping our economy by working in the primary industries picking fruit or in the meat processing plants.
Almost on the day lockdown was announced the phones starting ringing and have not stopped yet. As people took stock of their investments and look to revaluate their futures. In uncertain times and with no end-date in sight, what is a better investment than land or bricks and mortar.
With record low lending rates, money is cheap to borrow, although banks have tightened up on their lending criteria, there are still plenty of buyers and investors ready to operate when an opportunity is presented to them.
Two weeks ago, in Gisborne our office we had 32 properties go to auction, with 27 selling under the hammer on the day and another 3 now under contract. These are exceptional results and most real estate companies in the larger centres would be struggling to achieve these sorts of results in one day.
On the rural side our southern Waikato team, took a portfolio of farms to auction on Friday the 6th of Nov and achieved combined value of sales was $36.42m with the highest priced unit sold under the hammer at $15.17m for a dairy farm. This shows the positivity out there and that people are able purchase unconditionally.
In Gisborne there is a real shortage of farms on the market, we all know the golden rule of supply and demand, so while there is plenty of demand and low supply, it is the ideal time to enter the market and take advantage of it.
I am always available to help discuss and plan, all the fundamentals when it comes to selling your property. I offer an absolutely no obligation and free marketing proposal and appraisal service. So, if you are sitting on the fence and not sure about the next move, feel free to give me a ring.
Thinking Rural Real estate, buying or selling? Tom has you covered, marketing all types of rural land, large and small.
