Tuesday 26 November 2024: As New Zealand awaits the Reserve Bank’s Official Cash Rate (OCR) announcement at 2pm on Wednesday, 27 November, property seekers could be preparing to act. With economists predicting another OCR drop, user activity data from realestate.co.nz reveals a clear trend: OCR drops often lead to a surge in property enquiries as Kiwis seize the opportunity to act.
14 August drop to 5.25: Enquiries on residential listings increased by 8.4% in the two weeks following the announcement when compared to the two weeks prior. Source Dates: 14/08/24 – 27/08/24 vs 31/07/24 – 13/08/24.
9 October drop to 4.75: Enquiries surged by 18.7% in the two weeks post-announcement versus the two weeks prior. Source Dates: 09/10/24 – 22/10/24 vs 25/09/24 – 08/10/24.
Vanessa Williams, spokesperson for realestate.co.nz explains how such a shift could impact buyer and seller behaviour across the country:
“New Zealanders often take a ‘wait-and-see’ approach ahead of OCR announcements, doing their research in advance but delaying key decisions until the rates are confirmed. If the OCR drops again, we may again see buyers move quickly, with an uptick in enquiries and market activity.”
This behaviour highlights how OCR announcements can impact the ‘mood of the market’.
“A lower OCR can give buyers the confidence to take the next step. Sellers also stand to benefit as heightened buyer interest can drive competition, especially in areas with limited supply,” adds Williams.
Whether you’re looking to buy, sell, or invest, Williams advises staying informed and preparing early to capitalise on opportunities.
