Wednesday, 13th April, 2022
Thank you to everyone who attended lunch with Cameron Bagrie last Thursday. Cameron has a long-standing association with Bayleys and it was a privilege to host him here in Timaru and to hear his insights.
It is clear that the economic and global environment has evolved quite a lot over the last six months and property market dynamics show signs of having turned to being more in favour of buyers. It seems that FOMO (fear of missing out) has been replaced by FOOP (fear of over paying). What always remains whatever market dynamics are is the need for property to be transacted and it is worth remembering especially in the residential market that a slowdown in prices comes on the back of record gains over the last couple of years during the pandemic. It is also of interest that the Canterbury and Timaru seems to be bucking the trend so far of a reduction in house prices.
As we move through the pandemic and mandates ease, we look to see what the future holds. The attached article investigates what we might expect from the relaxation of border restrictions and how the markets might be impacted.