Mercury Bay Property Market Sees Increase in Buyer Interest

More value and more choices

(update from Shaun Paterson - Bayleys Director)

The property market in Mercury Bay has seen a significant change in recent months. After the peak of the market last year, there was a price correction that has now become firmly bedded in. The market started with a slow start to the year, with only 27 properties being sold across the entire Thames-Coromandel District Council (TCDC) region in January. This was compared to 187 sales in January 2021 and 83 sales in January 2022. These figures were a clear reflection of recessionary market conditions, combined with inclement weather and fewer visitors to the area.

However, February and March have seen a marked increase in deal numbers as buyers have returned to the market. The market conditions have become more buyer-friendly, with more value and more choices available. This has resulted in a good opportunity for buyers to negotiate rather than just compete. For those who purchased during the strong market, this is an exciting time given the level of competition there was for good homes at that time.

The latest stats show that though the market is softer, there are still buyers out there. The key ingredients to a sale are to ensure your property is well marketed, and price expectations are well justified. In terms of key trends across these deals, there has been an increase in locals trading while there is more choice in the market. There has also been a number of clients downsizing in order to reduce debt as interest rate increases and inflationary pressure start to pinch. This is having a positive impact on the sub $1m price bracket in particular.

The quarterly median house price for the Mercury Bay now sits at $1.15m, and median days on the market are at 57 days.

Using a mortgage advisor

For those looking to buy property, it’s a great idea to have experts available to help guide you through the process. One of the complicating factors of selling and buying a property is securing finance, which is why there is a qualified mortgage adviser on the team at Bayleys. A mortgage adviser has the ability to quickly overview your financial position, and will be able to advise you of your options to secure your dream property within minutes. Being well in-tune with the market, a mortgage broker can also give you a good steer on fixing your home loan which banks don’t normally do for you. Best of all, you won’t pay a cent for the service you receive because mortgage advisers are typically paid in commission from the lender once the transaction is settled.

Bayleys Whitianga's mortgage adviser also has the ability to assist in other financial service advice and requirements, such as:

• Mortgage refinance / restructure
• Investment lending
• KiwiSaver 
• Personal insurance review e.g. insurances remain appropriate for your needs
• Wealth management.

We want our customers to have the best experience possible, because if it’s done right, it can be the most rewarding experience and you’ll likely thank yourself for it later down the track.

Evan Kaska, Mortgage Adviser - Vega

INFORMATION FOR BUYING AND SELLING PROPERTY IN WHITIANGA

If you’d like to discuss or have questions about buying, selling or investing in property in Whitianga then please contact Alana Baker. More about them can be found on her business page linked below.