Housing market to be busy once lockdown over

Housing market to be busy once lockdown over6 Apr 2020

Real Estate Agents are picking a surge in new activity once the lockdown is over.

Prior to the lockdown we were seeing a massive undersupply of housing. The lockdown is effectivly stopping all new construction for 6 to 8 weeks, adding further pressure to an undersupplied housing market.

Lugtons managing director Simon Lugton said a shortage of properties for sale existed before the Covid-19 crisis and expects buyer demand to put upward pressure on house prices once lockdown restrictions are lifted. Low interest rates will also encourage buyers into the market.

"With people returning to New Zealand we'll see population growth. I think more people will see New Zealand as a good place to be," Lugton said.

Lodge Real Estate managing director Jeremy O'Rourke​ said "When we went into lockdown we were in a housing crisis and there was a shortage of stock. When we come out of this lockdown, we haven't fixed that problem. Covid-19 will not have fixed our housing shortage."

For the full article from Stuff visit: https://www.stuff.co.nz/life-style/homed/real-estate/120761795/coronavirus-waikato-property-listings-slump-following-covid19-restrictions