Ray White New Zealand chief executive Daniel Coulson said the Reserve Bank’s decision to hold the OCR reflected a continued “wait and see” approach as offshore economic conditions remain uncertain.
“While that caution is understandable at a policy level, we are seeing a different response in the housing market. Buyers and sellers have been gradually and consistently re-engaging rather than standing still,” Mr Coulson said.
“Across the Ray White New Zealand network, March saw solid activity, with both listing volumes and sales turnover up year-on-year. This builds on both January and February’s results and points to improving, but still measured, market momentum.
“Buyer enquiry is steady, open home attendance is consistent, and while the pace of decision-making is increasing, it remains considered.
“Higher listing numbers are also providing more choice, which is helping transactions occur, but without creating any sense of urgency or excess.
“The stability in interest rates is assisting. With fewer variables, buyers have greater confidence in their position, and sellers are responding to more consistent demand.
“While cost-of-living pressures and global uncertainty remain in the background, the housing market is showing signs of becoming more functional again.
“With the OCR remaining on hold, we would expect this gradual improvement in activity to continue if not moderately accelerate.”