LIFESTYLE MARKET PERFORMING WELL

The first four months of 2023 have flown by, but it has been an interesting time for the region's real estate market. Despite some challenges, such as changes to the Credit Contracts and Consumer Finance Act (CCCFA) affecting financing, the lifestyle market is still seeing good numbers at open homes, with some properties receiving fifty-plus groups through over three to four week campaigns. Interest in lifestyle properties from North Islanders remains strong, as well as from surrounding areas. This year, high-spec homes with amenities like pools and good outbuildings have gained particular interest, with most selling within the twenty to thirty day range, exceeding market conditions and vendors' expectations. Remote working and connectivity have continued to extend buyers' reach, allowing for more lifestyle living options, buyers are becoming less sensitive to driving distances, enabling them to live further out from the main centres, creating further competition for locals in hotdemand areas like West Melton and Darfield. As mentioned despite some headwinds, the lifestyle market is still performing well.

In summary, the lifestyle market has shown resilience in the face of recent challenges, and there are still many opportunities for buyers and sellers alike. If you are thinking of making a move in the coming months, I am here to help. Whether you need an appraisal or just want to chat about your possible options, I am never too busy to assist you in any way that I can. Please do not hesitate to get in touch, discuss your options, and take the first step toward your next adventure.

Simon Anderson, Property Brokers, Rural & Lifestyle Sales Consultant.

BUYERS BEWARE!

Putting a deposit down on a section in a new subdivision can be a risky venture. The title is not always issued in a timely manner as there are many possible scenarios that can hold up the process. Given there is quite often a 1 to 2 year wait on title, a lot can happen in that time.

• Are your circumstances likely to change in that time?

• Is the property going to hold its value?

• Are you still going to be able to afford the build?

• If you have to on sell, you may have to factor in a ‘Brightline Tax’ on any gain.

Make sure you do your due diligence on the subdivision to see if the timeframe given is realistic. Be very clear on the risks involved before you pay that small deposit, as when it comes time to settle, will you be in a position to follow through?

Ginny Nelson.