Blog: Well, 2024 is truly underway – Nathan Miglani

Over the past month and a bit back in our office, the real estate market has surprised us all with an unexpected surge of optimism. There has been a whirlwind of activity, with a significant number of individuals selling, buying, and aiming to upgrade their properties.

First-time homebuyers are also starting the year on a positive note. However, the peak in interest rates has led to the majority of our refix customers, having to adjust to the higher rates after refinancing.

Property prices in Canterbury have remained relatively stable, presenting fantastic opportunities for savvy buyers, especially in areas like Belfast and Hornby, where family homes are sitting around the $650k mark. As predicted, the selling and buying trend has gained momentum, driving a steady stream of clients our way. Families are relocating from Selwyn to the city, particularly
driven by high school-aged children, while young families and others are making a move in the opposite direction to areas like Rolleston, Leeston, and Darfield.

Open homes are bustling, especially in the under $700k range, with eager first-time buyers flooding the market. However, property investors seem to be taking a more cautious approach, possibly influenced by upcoming changes such as the reduction in the bright-line test and the general high cost of living.

Amidst these dynamics, there’s good news with banks lowering interest rates, and some major players now lending up to 95% of the property value. This shift is often an indicator of positive market trends, suggesting potential property value increases in the next 2-3 years.

Whether you’re considering selling, buying, building, or entering the property market for the first time, the NZ Mortgages team is here to help. Our dedicated teams are ready to assist in any situation. Get in touch with us at 0800 100 300 or visit our website at nzmortgages.co.nz