Real Estate Remains Strong During Covid-19

It’s a buyers market in real estate with more young people taking advantage of low interest rates in the wake of Covid-19.

Trade Me has reported a nearly 40% spike in those between 18 and 29 browsing listings, but in Invercargill that age group has been the strongest demographic for years anyway.

That’s according to Harcourts real estate agent Sean Bellew, who said he has been selling at least two houses a week since Level 3, and the market was just as solid as ever.

“The 18 to 29-year-olds have been the strongest pool of buyer for the past two years,” which he put down to Kiwisaver buyers maturing and interest rates staying low.

“Invercargill’s in tremendous shape and I see no reason for the market to change. It will continue to thrive,” he said.

Trade Me’s data also showed where potential buyers of all age-groups were showing interest, and Queenstown Lakes was up 130% on this time last year.

Sean said the young ones were currently the foundation of the market with many also getting into investment properties, offering 10% returns.

“Invercargill is the strongest investment hub in Australasia.”

He said Covid-19 hadn’t changed anything in Southern real estate and he’d been dealing with the most motivated buyers and sellers.

“Death, relocation etc are all driving forces of real estate. But life’s dynamics don’t change.”

He said gross productivity in the South remained strong the past six weeks, and that was also backed up this week by the Southland Chamber of Commerce.

“Tiwai didn’t falter and only closed down one pot line and the cows will continue to be milked.

“It’s business as usual.”