New homes "selling at very competitive prices"

If last year was a good time to be a seller, this is now a good time to be a buyer, based on analysis from Trade Me Property.

The listings site has revealed that new homes that have been recently completed are "selling at very competitive prices at the moment, and at quite a discount from the prices reached in 2021".

That means buyers can now purchase their target home for a lower price  or afford a better property.

One reason conditions have turned in favour of buyers of new homes is that demand has fallen.

Supply, though, is still quite elevated, which means the balance of power has shifted from developers to owner-occupiers.

"Developers are definitely more negotiable than owner-occupiers in the current market, say real estate professionals. They have multiple developments going on at any one time and they need cash to progress these projects waiting in the wings," according to Trade Me Property.

In this kind of environment, buyers not only have a strong negotiating hand, they can also be more selective and take more time to conduct due diligence. That increases a buyer’s chance of getting a good home at a fair price.

If you want to buy a new home, it’s important you get your finances in place before you start looking. I can help you get ready and compare loans on your behalf.

Published Monday 22 August, 2022