Record numbers of houses are selling in Southland, with many being snapped up faster than they can be listed.
With around 100 agents in Southland and only 252 properties available in December, housing stock has reached a record low, according to the New Zealand Property Report December 2020.
Although Southland had 170 more new property listings than in December 2019, the houses were being sold quicker than they could be marketed – creating a significant mismatch in supply and demand.
Southland was following national trends of high demand caused by low-interest rates and the economic impact of the Covid-19 pandemic, with people investing in property.
Sheree Williams from Mike Pero Real Estate Southland, said she just put a sold sticker on a house that was listed last Thursday, that had five offers on it.
People were ringing her in the weekend about it after seeing the property on Trade Me and couldn’t believe it was gone already.
“The market has just gone crazy. I thought it wouldn’t start until February but we’ve hit the ground running.”
She said investors, in particular, were buying houses unseen and with no conditions – with a lot of interest from Auckland.
Professionals Real Estate Invercargill agent Tim Frampton said the market was pretty buoyant at the moment, and he couldn’t see it changing any time soon.
“I haven’t seen it like this before.”
He stressed the importance of looking after your vendors to ensure that they got the best price for their property.
“It’s not always your first price is the best price anymore.”
Average property values in Southland went up from $374,630 in December 2019 to $397,750 in December 2020.
Tim said he’d never seen so many people moving to Invercargill, which was great for the city.