A Property Grab is Underway!

Despite the return to level 3, August proved to be a huge month for us here at UP and the residential market in general. Using our virtual tour and virtual auction technology we managed to build on the momentum created before the lockdown. It was interesting to see how seamlessly buyers and sellers slotted into virtual mode, this resulted in some outstanding auction results and a 91% clearance rate.

For us serving central Auckland there appears to be a ‘property grab’ underway. No mystery really when you consider the long term historically low interest rate environment is only likely to get lower. This leaves the value of money in the bank at close to zero, hence the refocus on property. Add the likelihood of ex-pat Kiwi’s returning in droves as the borders reopen and you have a recipe for property demand that is likely to be maintained.