After recovering from the shock of Covid-19, and the real estate world, (and the world in general), grinding to almost a halt, the local real estate market in Gisborne dusted itself off and continued albeit “as normal” as we can.
Real Estate transactions in Gizzy were minimal during Covid-19, with only 9 sales in the Gisborne Region in April 2020; of those 9, we sold 2, one sight unseen in the middle of Covid-19 all cash, and the other was already under contract pre-Covid-19. My understanding that the other 7 were already under contract prior to entering into Covid-19 [April 2020 Market Facts]
As we have rolled through May, May has seen a reasonable turn-over of houses sold. With 35 sold in Gisborne, down on the same time last year but again that is directly related to Covid-19 and things will pick up June onwards. The openhomes returned to normal and BUYERS are BACK. Multiple offers and buyer enquiry was strong.
Statistically of the sales in May 2020 the average sale price above 2017 RV throughout Gisborne Residential sat around 64-65% which is consistent with pre-Covid-19 sales.[May 2020 Market Facts]
With Winter now kicking in and we roll into June, Gisborne will have the same issue it has in recent times – a HUGE SUPPLY AND DEMAND ISSUES for good quality houses; and with demand comes strong/stable prices ! Yay for our local homeowners, and with the interest rates at the most ridiculous levels ever recorded … buyers have more opportunities to upgrade their existing home, leverage against their existing property to get into the investment market, or buy their first home. It’s a win-win, I say. Happy Days.