We have quickly transitioned to a virtual platform for auctions and are seeing continued strength across most markets, with new listings coming in for buyers.

National data released this week by the New Zealand Treasury shows the strong momentum in the housing market observed at the end of 2020 continued into the first month of January 2021,

The supply-side is starting to surge and the demand is running at similar levels.

The Ray White group have completed sales numbers for January 2021 which show that there is a significant lift of 50.3 per cent up January 2020.

The current selling conditions lend strongly to property being marketed under competition.

The market share for first home buyers in 2020 reached 25 per cent in the third quarter, well above the previous average and the peaks of 2006/2007.

We enter 2021 confident that key indicators will support a strong market. Auctions provide transparency in competition, and effective marketing and skilled agents remain crucial in driving property prices.

Interest rates continue to underpin purchasers buying power and today interest rates are at record low levels, advertised from 1.99 per cent fixed for one year with the OCR remaining at 0.25 per cent since 16 March 2020.

The Ray White Group had its best-ever sales in November, as confirmed by data from the Real Estate Institute of New Zealand, showing the highest property sales since March 2007.

While it is a time of year when sellers begin to explore their options for selling, we believe it remains an opportune moment to promote property to the marketplace.