Wellingtonians 🏠 It's a Xmas 🎄 Miracle!

Interest Rates

It’s December next week, and the market just got an early Christmas present – another half a percent lopped off the official cash rate (falling from 4.75% to 4.25%).  Thank you Mr Orr Reserve Bank Governor)!

Then… like the near instant flash of Christmas tree lights coming on… the banks cut their interest rates.  A Christmas miracle!

This move will be further good support for the property market that’s already well passed the low point of it’s down cycle.  The lower interest rates make borrowing cheaper allow more buyers to enter the market, so a good shot in the arm before we move to the summer market.

For those wanting to see the how the Wellington market is now here’s a graph at October👇

While it looks like coloured spaghetti, as it has the last 4 years on it, follow the back line.  In short, October sales volume up on September and up on October last year.  People are buying and selling and getting on with their plans nicely. 

If you’d like to get some advice or organised with a plan for the summer market, get in touch for a quick chat (leonie.snook@harcourts.co.nz 027 518 0008).  We’re doing a number of these quick catch-ups before the year ends.  No fuss, no sales pitch, just service.