The residential market is showing signs of rejuvenation after two years of Covid-19 stress, and while property transfers overall are still trending negatively, the upper Middle and Luxury bands have proved more resilient. In our article, Residential market bouncing back after Covid blues we look at transfer numbers nationally and in the big provinces, and assess transfers across the different property bands.
We look at the West Coast from two angles. In West Coast property market blossoms during Covid, we discover that the region has just recorded its best year since 2015 and in Flower power trumps the sun and sea we see how this sparsely populated region relies on tourism.
Finally, in More first-time buyers enter the market, we report that the number of first time buyers has been edging upwards in the last four years as a percentage of transfers following years of consistency in the market.
The past year had its challenges, but showed areas of promise and new opportunities. While some of the bigger metros have struggled with the pandemic’s economic effects, smaller towns and regions have benefited. As the economy continues edging back to being fully operational, the residential property market will look to build on the positive gains of 2021.
The overall trend is still negative, but the upper Middle to Luxury bands are more resilient.
The West Coast residential property market recorded its best year in 2021 since 2015.
Aggregated anonymised telemetry data shows how lockdowns have impacted the area’s economic sustainability.
As repeat buyers decline in % and real terms.
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